Daily Tax Update - November 2, 2015: President Obama Signs Bipartisan Budget Act of 2015

President Obama Signs Bipartisan Budget Act of 2015:  Today President Barack Obama signed the Bipartisan Budget Act of 2015, H.R. 1314.  The legislation contains certain tax provisions affecting partnerships.  For previous coverage of the bill and the partnership provisions, click here.  
IRS Clarifies Language in Notices 2015-73 and 2015-74 Regarding Basket Options:  In response to requests for clarification, the IRS has amended Notices 2015-73 and 2015-74 to clarify the meaning of the phrase “effective date of this notice” by replacing the phrase with “January 1, 2011.”  The notices contain guidance regarding certain “basket” derivatives transactions that will be treated as listed transactions and transactions of interest.  For previous coverage of the notices, click here.