Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner - Page 26

                                       - 26 -                                         
          list of items which the Treasury Department has concluded are               
          partnership items.  That list includes the “partnership aggregate           
          and each partner’s share of * * * (i) Items of income, gain,                
          loss, deduction, or credit of the partnership; * * * [and]                  
          (v) Partnership liabilities (including determinations with                  
          respect to the amount of the liabilities * * * and changes from             
          the preceding taxable year)”.  Sec. 301.6231(a)(3)-1(a)(1),                 
          Proced. & Admin. Regs.  That list also includes items relating to           
          distributions from the partnership to the extent that a                     
          determination of those items can be made from conclusions that              
          the partnership is required to make with respect to an amount,              
          the character of an amount, or the percentage interest of a                 
          partner in the partnership, for purposes of the partnership books           
          and records or for purposes of furnishing information to a                  
          partner.  Sec. 301.6231(a)(3)-1(a)(4), Proced. & Admin. Regs.               
          The regulations state further that a partnership item not only              
          includes those items expressly listed in the regulations, but               
          also includes “the legal and factual determinations [e.g., the              
          partnership’s taxable year] that underlie the determination of              
          the amount, timing, and characterization of items of income,                
          credit, gain, loss, deduction, etc.”   Sec. 301.6231(a)(3)-1(b),            
          Proced. & Admin. Regs.                                                      
               Collins disputes in the Form 8082 the four items discussed             
          supra pp. 14-15.  Each of these items is an HCMP partnership item           

Page:  Previous  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  Next

Last modified: May 25, 2011