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Commissioner, 93 T.C. 730, 734 (1989); Maxwell v. Commissioner,
87 T.C. 783, 788 (1986); Thomas v. United States, 967 F. Supp.
505, 506 (N.D. Ga. 1997).
The TEFRA partnership procedures are applicable to
partnership taxable years beginning after September 3, 1982, the
effective date of TEFRA. TEFRA sec. 407, 96 Stat. 670.
Among other arguments, petitioners argue that Barrister’s
1982 taxable year began before September 3, 1982, that the TEFRA
partnerships procedures and the above cases are not applicable,
and that petitioners individually, in the instant case, should be
allowed to assert the statute of limitations as an affirmative
defense.
If Barrister for its 1982 tax year was not to be governed by
the TEFRA partnership proceedings, it would have been nonsensical
for petitioners to enter into the above settlement stipulation to
the effect that the issues in the instant case were to be
controlled by Chimblo v. Commissioner, supra. Further,
petitioners did not invest in Barrister until December of 1982,
and nothing in the record indicates that Barrister’s taxable year
began before December of 1982.
As the parties stipulated, the statute of limitations
defense that petitioners would now assert is controlled by the
resolution of that issue by the Court of Appeals for the Second
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