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Of the 3 Forms 872 executed by or on behalf of Cohn, the first
contained no such language. However, the second contained
similar restrictive language, and the third incorporated such
language by reference.
In Foam Recycling Associates v. Commissioner, T.C. Memo.
1992-645, this Court found that an extension agreement containing
restrictive language virtually identical to that in petitioners'
Consents satisfied the requirements of section 6229(b)(2). Cohn
argues that in his case, the first Form 872 executed on his
behalf did not satisfy section 6229(b)(2), and that the
limitations period under section 6229(a) expired before he
executed the second Form 872 on March 6, 1987. However, as Cohn
conceded, the period of limitations under section 6229(a) had
been validly extended by Jacobson until June 30, 1987.
Therefore, the limitations period on assessment for 1982 was
still open when Cohn executed the second Form 872 on March 6,
1987.
Section 6229(b)(1) provides that the period of limitations
for assessing partnership items (or affected items) may be
extended before the expiration of such period. Subparagraphs (A)
and (B) of section 6229(b)(1) define by whom and for whom the
period of limitations may be extended. Petitioners concede that,
pursuant to the authority provided under section 6229(b)(1)(B),
the Form 872-A executed by Jacobson extended the time for making
adjustments at the partnership level with respect to all partners
until June 30, 1987. Likewise, the Consents executed by
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