Daily Tax Update - December 6, 2013: IRS Issues Proposed Regs on Deductibility of Start-Up Expenses for Partnerships

IRS ISSUES PROPOSED REGS ON DEDUCTIBILITY OF START-UP EXPENSES FOR PARTNERSHIPS:  Today, the IRS issued proposed regulations [REG-126285-12] concerning the deductibility of start-up expenditures and organizational expenses for partnerships following a technical termination of a partnership.


Notice 2013-80 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.