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ACCT 5 9 7 Assignment 3 Explain what is meant by a safe harbor allocation. In doing so you should read the applicable parts of

ACCT 597
Assignment 3
Explain what is meant by a safe harbor allocation. In doing so you should read the applicable parts of the 1.704-1(b)(2) regulations, and discuss:
1. The three-requirements safe harbor
2. The alternate safe harbor
3. The deemed in accordance with the partners interests safe harbor
This should include a discussion of the terms required in the agreement and (a) how the first two apply to recourse deductions and (b) the third applies to nonrecourse deductions, including what the difference is between the two.

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