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Late Partnership Adjustment Automatically Converts Partnership Items

JUN. 21, 2012

ECC 201236030

DATED JUN. 21, 2012
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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).
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