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settle in 1986, 1987, or 1988, having “waited out” the litigation
of the Krause test cases until our opinion therein was rendered
in 1992 and until the appeal thereof became final in 1994, and
now not liking the results) are simply the victims of their own
procrastination or litigation strategy, not of any structural
defect or fraud on the Court.
Petitioners acknowledge that under the TEFRA partnership
provisions the redetermination jurisdiction of this Court is
generally limited (with an exception not applicable here) to
taxable years beginning after September 3, 1982. Petitioners,
however, cite the language of section 6224(c)(2) and argue that
the TEFRA partnership settlement procedures apply to every
partnership year once the partnership is subject to the general
TEFRA partnership provisions for any year.
Section 6224(c)(2) provides, in pertinent part, as follows:
SEC. 6224(c)(2). Other partners have right to enter
into consistent agreements.--If the Secretary enters into a
settlement agreement with any partner with respect to
partnership items for any partnership taxable year, the
Secretary shall offer to any other partner who so requests
settlement terms for the partnership taxable year which are
consistent with those contained in such settlement
agreement. * * *
We disagree with petitioners' interpretation of section
6224(c)(2). Section 407 of TEFRA, 96 Stat. 610-671, expressly
and specifically provides that its provisions, including the
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