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judgment that was ultimately reversed by the court of appeal in
that, the trial court concluded, the court of appeal could not
overturn that portion of the judgment without affecting Collins’s
right to the $389,662. By virtue of this estoppel, the order
stated, the court of appeal decision and all orders post appeal
were without any legal basis, and the judgment entered by the
trial court on October 17, 2000, was the final judgment in the
lawsuit. Collins filed a notice of appeal as to this order on
September 8, 2003. That appeal is currently before the court of
appeal pending its decision.
Discussion
This case is a TEFRA partnership proceeding that was brought
by a notice partner. Respondent issued an FPAA to the notice
partner, Collins, that determined no changes to HCMP’s 1998
partnership return. Collins timely petitioned this Court to
readjust HCMP’s partnership items relating to the FPAA. Given
the issuance of the FPAA, which we find to be valid, and
Collins’s timely petition for readjustment of HCMP’s partnership
items related thereto, we conclude that we have jurisdiction to
redetermine all partnership items of HCMP for 1998 and to
allocate properly those items among HCMP’s partners. Sec.
6226(f); Seneca, Ltd. v. Commissioner, 92 T.C. 363, 365 (1989),
affd. without published opinion 899 F.2d 1225 (9th Cir. 1990);
Transpac Drilling Venture 1982-22 v. Commissioner, 87 T.C. 874
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