The statement must be signed and dated by the tax matters partner, as defined under section 6231(a)(7) (prior to amendment by BBA), and the applicable regulations, or an individual who has the authority to sign the partnership return for the tax year. The partnership has sufficient assets, and reasonably anticipates having sufficient assets, to pay a potential imputed underpayment (IU) with respect to the partnership tax year that may be determined under subchapter C of chapter 63 of the Internal Revenue Code, as amended by BBA.Ī representation, signed under penalties of perjury, that the individual signing the statement is duly authorized to make the election described in Regulations section 301.9100-22 and that, to the best of the individual's knowledge and belief, all of the information contained in the statement is true, correct, and complete.
The partnership is not subject to, and does not reasonably anticipate becoming subject to, an involuntary petition for relief under title 11 of the United States Code. The partnership has not voluntarily filed, and does not reasonably anticipate filing, a petition for relief under title 11 of the United States Code. The partnership is not insolvent and does not reasonably anticipate becoming insolvent before resolution of any adjustment with respect to the partnership tax year for which the election is being made.