Qualified Income Offset
Description
This AI field captures the requirement that any partner or member who unexpectedly receives certain adjustments, allocations or distributions for U.S. tax purposes be specially allocated offsetting amounts of gross income and gain sufficient to eliminate any resulting capital account deficit.
Jurisdiction
- United States (California, Delaware, Pennsylvania, and Texas)
Document Types
- 98% Governance Agt
- 2% Other
Tags
- LPA/LLC
Language
- 100% English