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    ID: Office: Uilc: CCA - 2009022616390737 Number: 200912027 Release Date: 3/20/2009

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    taxcrunch
    The TMP designation on the tax return was invalid because that partner was not a member-manager under Treasury regulations, so the remaining partner would be TMP under the largest profits interest rule. Only a manager under state law can act for the TMP itself, so while the POA designation of TMP was likely invalid, that person could still act for the TMP entity as its authorized manager under state law.

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    ID: Office: Uilc: CCA - 2009022616390737 Number: 200912027 Release Date: 3/20/2009

    Uploaded by

    taxcrunch
    7 views1 page
    The TMP designation on the tax return was invalid because that partner was not a member-manager under Treasury regulations, so the remaining partner would be TMP under the largest profits interest rule. Only a manager under state law can act for the TMP itself, so while the POA designation of TMP was likely invalid, that person could still act for the TMP entity as its authorized manager under state law.

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    0912027

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    The TMP designation on the tax return was invalid because that partner was not a member-manager under Treasury regulations, so the remaining partner would be TMP under the largest profits interest rule. Only a manager under state law can act for the TMP itself, so while the POA designation of TMP was likely invalid, that person could still act for the TMP entity as its authorized manager under state law.

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    7 views1 page

    ID: Office: Uilc: CCA - 2009022616390737 Number: 200912027 Release Date: 3/20/2009

    Uploaded by

    taxcrunch
    The TMP designation on the tax return was invalid because that partner was not a member-manager under Treasury regulations, so the remaining partner would be TMP under the largest profits interest rule. Only a manager under state law can act for the TMP itself, so while the POA designation of TMP was likely invalid, that person could still act for the TMP entity as its authorized manager under state law.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 1

    ID: CCA_2009022616390737 Number: 200912027

    Release Date: 3/20/2009


    Office: --------------
    UILC: 6231.07-00

    From: -------------------
    Sent: Thursday, February 26, 2009 4:39:09 PM
    To: --------------------
    Cc: -----------
    Subject: RE: TMP question

    1. The TMP designation on the return was invalid since that partner was not a member-manager under
    Treas. Reg. 301.6231(a)(7)-2. The remaining partner (an actual member-manager) would be TMP under
    the largest profits interest rule of section 6231(a)(7)(B). The POA designation of TMP was probably
    invalid if it did not comply with Treas. Reg. 301.6231(a)(7)-1(e).

    2. Only a manager under state law can act for the TMP itself. The TMP's own TMP will not have such
    power since its TMP designation only gives its TMP certain powers with respect to other members, not
    the power to bind the state law entity itself - the TMP designation was invalid here as well since the
    designated person was not member. Nevertheless, that person can act for the TMP entity as its
    authorized manager under state law since its designation as manager under state law appears valid.

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