The IRS recently issued FAQs that provide long-awaited guidance as to required tax return information on the percentages of a partner's interest in partnership profits, losses and capital. In an article in the Journal of Taxation, Tax Planning Partner Sheldon Banoff analyzes these guidelines, with some background on the related tax documents, and identifies some of the numerous questions that still remain. “One could fairly conclude that the 2008 tax season filings as to partners’ percentage interests in profits, losses, and capital is an exercise in data gathering that, at least for this tax season, may not provide meaningful information to IRS auditors, while it requires partnership tax return preparers to incur significant time and expense in attempting to comply with the proper percentage output,” Mr. Banoff writes. ("FAQ-Filled Guidance on Computing a Partner's Interest in Profits, Losses, and Capital—Part 1," April 2009)