John Sann and Marianne Sann, et al. - Page 37

                                       - 37 -                                         
          deficiency at issue in these cases to petitioners on July 19 and            
          20, 1990.18                                                                 
               Petitioners argue that the Consents were not effective to              
          extend respondent's time to make the adjustments at the                     
          partnership level to which any deficiency or addition to tax                
          could be attributed.  We disagree.                                          
               Section 6229(b)(2) provides that any agreement under section           
          6501(c)(4) shall apply with respect to the limitations period               
          described in subsection (a) only if such agreement expressly                
          provides that such agreement applies to tax attributable to                 
          partnership items.  The Forms 872-A executed by the Sanns and               
          Addington contained the following restrictive language:                     
               (5)  The amount of any deficiency assessment is to be                  
               limited to that resulting from any adjustments to (a)                  
               items affected by the carryover or continuing tax                      
               effect caused by adjustments to any prior tax return;                  
               (b) the taxpayer's distributive share of any item of                   
               income, gain, loss, deduction, or credit of, or                        
               distribution from                                                      
               JABRILACH RECYCLING  #13-3133726                                       
               (c) the tax basis of the taxpayer's interest(s) in the                 
               aforementioned partnership(s) or organization(s)                       
               treated by the taxpayer(s) as a partnership; and (d);                  
               any gain or loss (or the character or timing thereof)                  
               realized upon the sale or exchange, abandonment, or                    
               other disposition of taxpayer's interest in such                       
               partnership(s) or organization(s) treated by the                       
               taxpayer as a partnership; including any consequential                 
               changes to other items based on such adjustment.                       




          18   The notices of deficiency for the 1982 tax year were issued            
          to Addington and the Sanns on July 19, 1990, and to Cohn on July            
          20, 1990.                                                                   


Page:  Previous  27  28  29  30  31  32  33  34  35  36  37  38  39  40  41  42  43  44  45  46  Next

Last modified: May 25, 2011