If a partnership interest in an EIP is transferred in a sale or exchange or upon the death of a partner, the transferor must notify the transferee and the EIP in writing.
US Code:
26 USC 743
Name of Law: Special rules where section 754 election or substantial built-in loss
US Code:
26 USC 734
Name of Law: Adjustment to basis of undistributed partnership propertywhere section 754 election or substantial
US Code:
26 USC 6031
Name of Law: Return of partnership income
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
PL:
Pub.L. 108 - 357 118 Stat 1418
Name of Law: The American Jobs Creation Act of 2004
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
NOT_2005-32_041805.pdf
Notice_2005-32_Sup Stmnt.doc
Notice 2005-32 Notification requirement for transfer of partnership interest in Electing Investment partnership (EIP)