Revenue Procedure 2007-59 that permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse § 704© allocations under § 1.704-3(e)(3) of the Income Tax Regulations. https://www.irs.gov/pub/irs-drop/rp-07-59.pdf Revenue Procedure 2007-63 updates the rules for determining the amount of an employee’s ordinary and necessary business expenses […]
