The case of stumping the rump
by Charles Selcer, CPA
February/March 2012
All is not well at the Floydsdale Shopping Centre Partnership. Vacancies are up, and the Centre is looking a little dog-eared from years of ignoring basic maintenance. A limited partner group consisting of 50 of the 75 limited partners is seeking to replace the general partners. The group, known as Floydsdale’s Rump Caucus, sent a letter to the partnership’s CPA firm, Slick, Slack & Slump, demanding copies of prior year tax returns, depreciation schedules, rent rolls and CAM calculations.
Q. Does Slick, Slack & Slump have to produce the records they have?
A. Not necessarily. If the firm has previously provided the records to the general partner, whom they could assume is a representative of the partnership, they do not have to provide them to the Rump Caucus.
See ET 591.377-378.
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