Late Partnership Adjustment Automatically Converts Partnership Items
JUN. 21, 2012
ECC 201236030
DOCUMENT ATTRIBUTES
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2012-18755
- Tax Analysts Electronic Citation2012 TNT 175-56
Citations: ECC 201236030
UILC: 6223.04-00, 6223.04-01
Release Date: 9/7/2012
ID: CCA_2012062114274237
Office: * * *
From: * * *
Sent: Thursday, June 21, 2012 2:28:02 PM
To:* * *
Cc:
Subject: RE: conversion to nonpartnership item and 1 yr date
The 150 day petition period runs from the date the FPAA is issued to the TMP. I.R.C. 6226 (its right in the statute) Since we did not send the notice partner FPAA's until after the 150 day period expired, and the partners made no election, their items automatically converted as of the date we sent them the late notice, not the date the FPAA defaulted. Treas. Reg. 301.6223(e)-2(b).
DOCUMENT ATTRIBUTES
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2012-18755
- Tax Analysts Electronic Citation2012 TNT 175-56