TaxGuyBill
Level 15
06-30-2023
02:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@edrakin wrote:
The partnership agreement appointed a management committee to make decisions, and that committee imposed the $10k cap at a later date by way of an email announcing the policy.
In opinion, yes, that qualifies as UPE. The Partnership Agreement indirectly says it will pay $10,000 of expenses, therefore requiring the Partners to pay for any excess costs.