The IRS issued Notice 2015-54 announcing that future regulations will be issued under Code section 482—specifically concerning the cost-sharing rules under Reg. section 1.482-7—applicable to controlled transactions involving partnerships, so that the appropriate valuation of such transactions is appropriately determined.
Notice 2015-54 [PDF 194 KB] also announces that Treasury and the IRS intend to issue regulations under section 721(c), to provide that when a U.S. person transfers certain property to a partnership that has foreign partners related to the transferor, the income or gain attributable to the property will be taken into account by the transferor either immediately or periodically.
A key point of Notice 2015-54 is that with respect to section 482, the IRS will be issuing prospective regulations (i.e., regulations that will be effective on the future date when they are issued) that will capture partnerships under the cost-sharing rules of Reg. section 1.482-7.
Also, the IRS notice is very clear in stating that the current section 482 rules apply to partnership contributions and distributions.
Read an August 2015 report prepared by the KPMG member firm in the United States: Notice 2015-54 - Future regulations to address cost-sharing arrangements, controlled transactions with partnerships