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therefore the period of limitations for 1989 and 1990 did not
expire before April 17, 1995. Petitioners contend that TBS J.V.
filed both a 1989 and a 1990 partnership return and that the
existence of an extension agreement executed by Mr. Hoyt for TBS
J.V.’s 1989 taxable year is evidence of the timely filing of the
underlying 1989 tax return. Petitioners argue that since Mr.
Hoyt was not the TMP for the years in issue, he was not
authorized to sign the extension for TBS J.V.’s 1989 tax year and
the period of limitations for 1989 has therefore expired.
The period for assessing tax attributable to a partnership
item shall not expire before 3 years after the later of: (1) The
date that the partnership return was filed for the taxable year;
or (2) the last date for filing the return for the year (without
regard to any extensions). See sec. 6229(a). When no
partnership return is filed, adjustments attributable to
partnership items may be assessed at any time. See sec.
6229(c)(3).
Respondent has submitted a certified transcript of TBS
J.V.’s account for the 1989 and 1990 taxable years showing that
the IRS has no record of TBS J.V.'s filing a partnership return
for either taxable year through September 23, 1998. Petitioner,
however, has been unable to adduce any evidence establishing that
TBS J.V. filed a partnership return for either the 1989 or the
1990 taxable year.
The existence of an extension agreement executed by Mr. Hoyt
for TBS J.V.’s 1989 taxable year is not evidence of the timely
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