- 7 -
partnership item for the partnership’s taxable year shall not
expire before 3 years after the later of (1) the date on which
the partnership return for such taxable year was filed, or
(2) the last day for filing a return for that year (the 3-year
period or the section 6229(a) assessment period). Section
6229(b)(1)(A) and (B), however, provides that the 3-year period
may be extended. The 3-year period may be extended with respect
to any partner by an agreement entered into by respondent and
such partner, and may be extended with respect to all partners by
an agreement entered into by respondent and (1) the tax matters
partner or (2) any other person authorized by the partnership in
writing to enter into such an agreement. See sec. 6229(b)(1)(A)
and (B), respectively. The agreement must be executed prior to
the expiration of the 3-year period, and any subsequent agreement
must be executed before the expiration of the period previously
agreed upon.
Section 6229(d) suspends the running of the section 6229(a)
assessment period upon the mailing of a notice of final
partnership administrative adjustment (FPAA) to the tax matters
partner (TMP) of the partnership. The running of the section
6229(a) assessment period is suspended for the period in which an
action may be brought challenging the FPAA. If such an action is
brought during that period, the suspension continues until the
decision of the Court therein becomes final and for 1 year
thereafter. See sec. 6229(d).
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011