Tax Lawyer, Vol. 54, No. 2 REVALUATIONS REVISITED 241 241 REVALUATIONS REVISITED: PARTNERSHIP ALLOCATIONS AND THE DEMISE OF THE CEILING RULE Stephen B. Land* I. INTRODUCTION The regulations under section 704 include detailed rules for maintaining partneers capital accounts to ensure that the allocation of the partnership’s taxable income and loss among the partners will be respected for federal income tax purposes.1 Yet complying with these rules can be difficult and confusing for a partnership...