Anyone reading this thread and wanting to do the same needs to be extremely cautious.
Allocating income or loss based on anything other than their interest in the partnership is a risky venture.
In order to do this, the allocation needs to be able to pass what the regulations call "having substantial economic effect". These regulations are extremely complex.
Should you win the audit lottery, it is doubtful that anyone preparing their own tax return would be able to support this type of an allocation. As a result, the IRS would then default to the default allocation which is known as PIP; partners interest in the partnership.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
