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Abstract

The “small partnership” exception,1 which is found in an obscure part of the Internal Revenue Code2 and not in Subchapter K of the Code where most partnership provisions are located (and which has been around for 30 years)3 offers a way to reduce the complexity of partnership income tax filing (and penalties) for eligible partnerships. However, there are several other provisions in tax law that can be sidestepped by taxpayers making use of the “small partnership” exception.4

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