Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner - Page 25

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               TEFRA requires that respondent notify partners of the                  
          beginning and end of partnership-level administrative                       
          proceedings.  Sec. 6223(a).  If and when an FPAA is issued as to            
          those proceedings, the “tax matters partner”, generally a person            
          or entity designated as such by the partnership under applicable            
          regulations or, more commonly, the general partner in control of            
          the partnership, sec. 6231(a)(7); Chimblo v. Commissioner, supra            
          at 121, may contest the FPAA within 90 days of its issuance by              
          filing a petition for readjustment of “partnership items” in this           
          Court, the Court of Federal Claims, or the appropriate Federal              
          District Court.  Sec. 6226(a).  If the tax matters partner does             
          not file such a petition by the close of that 90-day period, then           
          any notice partner or 5-percent group may file a petition within            
          the next 60 days.  Sec. 6226(b)(1).  Once an action for                     
          readjustment of partnership items is commenced by either the tax            
          matters partner or a notice partner, any partner with an interest           
          in the outcome of that action may participate in it.  Sec.                  
          6226(c) and (d).                                                            
               In the context of TEFRA, a “partnership item” is any item              
          that must be taken into account for the partnership’s taxable               
          year to the extent that regulations prescribe it as an item that            
          is more appropriately determined at the partnership level.  Sec.            
          6231(a)(3); Maxwell v. Commissioner, 87 T.C. 783, 789 (1986).               
          Section 301.6231(a)(3)-1, Proced. & Admin. Regs., sets forth a              

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Last modified: May 25, 2011