This subchapter shall only apply to electing large partnerships and partners in such partnerships.
Subchapter C of this chapter shall not apply to any electing large partnership other than in its capacity as a partner in another partnership which is not an electing large partnership.
If an electing large partnership is a partner in another partnership which is not an electing large partnership—
(A) subchapter C of this chapter shall apply to items of such electing large partnership which are partnership items with respect to such other partnership, but
(B) any adjustment under such subchapter C shall be taken into account in the manner provided by section 6242.
(Added Pub. L. 105–34, title XII, §1222(a), Aug. 5, 1997, 111 Stat. 1009.)
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