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Tax Lawyer, Vol. 56, No. 3 THE DISAPPEARING LIMITED DEFICIT RESTORATION OBLIGATION 485 485 THE DISAPPEARING LIMITED DEFICIT RESTORATION OBLIGATION Michael A. Oberst* I. INTRODUCTION The purpose of the partnership “economic effect” regulation rules is to achieve consistency between the ways that partners share items of income and deduction for tax and economic purposes.1 Thus, the allocation of a $100 tax deduction to a particular partner2 will not be respected unless that partner suffers a...

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