Is anyone familiar with IRS 83(b) Election?

Hello! I have an existing tax client who asked if I could prepare an 83(b) election for him because his company is introducing a MIP (Management Incentive Plan) for key employees. He is a K-1 partner, but apparently will be eligible to participate.

I've done some research and have been reading up on the subject, but would love to hear feedback from someone who has actually done this. Thank you!

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