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Potential negative tax consequences include phantom gain and cancellation of debt.
It is obvious what the IRS is doing with the new information required on partnership tax returns and schedule K-1s.
Here's one idea: taxpayers could supercharge their 2018 NOLs by amending 2018 tax returns to take advantage of bonus depreciation on QIP.
Most businesses will be state tax neutral and at worst, will wind up paying more state tax, but the cost of state tax compliance is sure to increase.
