2013 US Code
Title 26 - Internal Revenue Code
Subtitle F - Procedure and Administration (§§ 6001 - 7874)
Chapter 63 - ASSESSMENT (§§ 6201 - 6255)
Subchapter D - Treatment of Electing Large Partnerships (§§ 6240 - 6255)
Part I - TREATMENT OF PARTNERSHIP ITEMS AND ADJUSTMENTS (§§ 6240 - 6242)
Section 6241 - Partner's return must be consistent with partnership return
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle F - Procedure and Administration CHAPTER 63 - ASSESSMENT Subchapter D - Treatment of Electing Large Partnerships PART I - TREATMENT OF PARTNERSHIP ITEMS AND ADJUSTMENTS Sec. 6241 - Partner's return must be consistent with partnership return |
Contains | section 6241 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Source Credit | Added Pub. L. 105-34, title XII, §1222(a), Aug. 5, 1997, 111 Stat. 1009. |
Statutes at Large References | 96 Stat. 1691 110 Stat. 1781 111 Stat. 1009 |
Public Law References | Public Law 97-354, Public Law 104-188, Public Law 105-34 |
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A partner of any electing large partnership shall, on the partner's return, treat each partnership item attributable to such partnership in a manner which is consistent with the treatment of such partnership item on the partnership return.
(b) Underpayment due to inconsistent treatment assessed as math errorAny underpayment of tax by a partner by reason of failing to comply with the requirements of subsection (a) shall be assessed and collected in the same manner as if such underpayment were on account of a mathematical or clerical error appearing on the partner's return. Paragraph (2) of section 6213(b) shall not apply to any assessment of an underpayment referred to in the preceding sentence.
(c) Adjustments not to affect prior year of partners (1) In generalExcept as provided in paragraph (2), subsections (a) and (b) shall apply without regard to any adjustment to the partnership item under part II.
(2) Certain changes in distributive share taken into account by partner (A) In generalTo the extent that any adjustment under part II involves a change under section 704 in a partner's distributive share of the amount of any partnership item shown on the partnership return, such adjustment shall be taken into account in applying this title to such partner for the partner's taxable year for which such item was required to be taken into account.
(B) Coordination with deficiency procedures (i) In generalSubchapter B shall not apply to the assessment or collection of any underpayment of tax attributable to an adjustment referred to in subparagraph (A).
(ii) Adjustment not precludedNotwithstanding any other law or rule of law, nothing in subchapter B (or in any proceeding under subchapter B) shall preclude the assessment or collection of any underpayment of tax (or the allowance of any credit or refund of any overpayment of tax) attributable to an adjustment referred to in subparagraph (A) and such assessment or collection or allowance (or any notice thereof) shall not preclude any notice, proceeding, or determination under subchapter B.
(C) Period of limitationsThe period for—
(i) assessing any underpayment of tax, or
(ii) filing a claim for credit or refund of any overpayment of tax,
attributable to an adjustment referred to in subparagraph (A) shall not expire before the close of the period prescribed by section 6248 for making adjustments with respect to the partnership taxable year involved.
(D) Tiered structuresIf the partner referred to in subparagraph (A) is another partnership or an S corporation, the rules of this paragraph shall also apply to persons holding interests in such partnership or S corporation (as the case may be); except that, if such partner is an electing large partnership, the adjustment referred to in subparagraph (A) shall be taken into account in the manner provided by section 6242.
(d) Addition to tax for failure to comply with sectionFor addition to tax in case of partner's disregard of requirements of this section, see part II of subchapter A of chapter 68.
(Added Pub. L. 105–34, title XII, §1222(a), Aug. 5, 1997, 111 Stat. 1009.)
PRIOR PROVISIONSA prior section 6241, added Pub. L. 97–354, §4(a), Oct. 19, 1982, 96 Stat. 1691, directed that tax treatment be determined at the corporate level, prior to repeal by Pub. L. 104–188, title I, §§1307(c)(1), 1317(a), Aug. 20, 1996, 110 Stat. 1781, 1787, applicable to taxable years beginning after Dec. 31, 1996.
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