Real Estate Newsletter Q2 2018

Commercial Real Estate Quarterly

SECOND QUARTER, 2018

2018 Technical Corrections to the New Partnership Audit Rules BY ALAN BLECHER, JD PRINCIPAL, MARKS PANETH LLP I n late March, the President signed legislation that includes technical corrections to the new partnership audit rules that were introduced in the Bipartisan Budget Act of 2015. These rules are generally effective for tax years beginning after December 31, 2017. They were discussed more fully in our October 2017 newsletter . The overarching theme of the new rules is that any IRS adjustment due to a partnership-level audit will be assessed - and the resultant balance due (the “imputed underpayment”) collected – from the partnership. Under the rules in effect for tax years prior to 2018, these adjustments flowed through to the

IN THIS ISSUE

4 NYC RETAIL MARKET WOES : Sign of the Times or Catalyst for Growth? William H. Jennings 7 Update on QUALIFIED OPPORTUNITY FUND PROGRAM Michael Hurwitz 10 PROPERTY IMPROVEMENT ANALYSIS for Building Owners Eduard Suleymanov

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