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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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