Repairing Inside Basis Adjustments
Karen C. Burke
Tax Lawyer, Vol. 58, No. 3REPAIRING INSIDE BASIS ADJUSTMENTS 639 REPAIRING INSIDE BASIS ADJUSTMENTS Karen C. Burke* I. INTRODUCTION Optional basis adjustments under Subchapter K have come under increased scrutiny as a result of tax shelter abuses involving partnerships.1 Recent legislatiio requires mandatory adjustments under sections 734(b) and 743(b) upon certaai distributions of partnership property and transfers of partnership interests.2 These amendments were targeted at situations in which...