Partnership flip transactions have been edging away from strict adherence with guidelines that the IRS issued in 2007 for such transactions.

Richard Probst, a lawyer in the IRS national office, warned during a talk at a tax conference in Chicago in May against giving the tax equity investor a “put” to force the developer to buy back the investor’s interest after the flip.

He also said the developer cannot guarantee that the “wind will blow” and said the investor cannot have a guarantee from anyone against losing his investment.

Probst had a role in writing the original guidelines.