Hoyt and Sons Ranch Properties, Ltd., A Nevada Limited Partnership, Walter J. Hoyt, III, Tax Matters Partner - Page 5

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          Discussion                                                                  
               The issue for decision by the Court is whether the petition            
          for readjustment is timely with respect to the taxable year 1992.           
          This partnership case is subject to the unified partnership audit           
          and litigation procedures set forth in sections 6221 through                
          6234.  Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA),            
          Pub. L. 97-248, sec. 402(a), 96 Stat. 324, 648.  The TEFRA                  
          procedures apply with respect to all taxable years of a                     
          partnership beginning after September 3, 1982.  Sparks v.                   
          Commissioner, 87 T.C. 1279, 1284 (1986); Maxwell v. Commissioner,           
          87 T.C. 783, 789 (1986).                                                    
               Section 6223 provides that the Commissioner shall furnish to           
          each partner whose name and address is supplied to the                      
          Commissioner, notice of the beginning of an administrative                  
          proceeding at the partnership level and notice of the final                 
          partnership administrative adjustment resulting from such                   
          proceeding.  Section 6226(a)(1) provides that the TMP may file a            
          petition for readjustment with the Court within 90 days of the              
          mailing of the FPAA.  Section 6226(b) provides that, if the TMP             
          does not file a petition, a notice partner or any 5-percent group           
          may file a petition within the 60-day period following the                  
          expiration of the 90-day period prescribed in section 6226(a).              
          As previously discussed, respondent mailed an FPAA for the                  
          taxable year 1992 to petitioner on July 17, 1996.  However, the             
          petition for readjustment was not filed with the Court until July           




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