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 II - PARTNERSHIP LEVEL ADJUSTMENTS (§§ 6245 - 6252)
Subpart A - Adjustments by Secretary (§§ 6245 - 6248)
Section 6248 - Period of limitations for making adjustments
| 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 II - PARTNERSHIP LEVEL ADJUSTMENTS Subpart A - Adjustments by Secretary Sec. 6248 - Period of limitations for making adjustments |
| Contains | section 6248 |
| 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. 1015. |
| Statutes at Large Reference | 111 Stat. 1015 |
| Public Law Reference | Public Law 105-34 |
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Except as otherwise provided in this section, no adjustment under this subpart to any partnership item for any partnership taxable year may be made after the date which is 3 years after the later of—
(1) the date on which the partnership return for such taxable year was filed, or
(2) the last day for filing such return for such year (determined without regard to extensions).
(b) Extension by agreementThe period described in subsection (a) (including an extension period under this subsection) may be extended by an agreement entered into by the Secretary and the partnership before the expiration of such period.
(c) Special rule in case of fraud, etc. (1) False returnIn the case of a false or fraudulent partnership return with intent to evade tax, the adjustment may be made at any time.
(2) Substantial omission of incomeIf any partnership omits from gross income an amount properly includible therein which is in excess of 25 percent of the amount of gross income stated in its return, subsection (a) shall be applied by substituting "6 years" for "3 years".
(3) No returnIn the case of a failure by a partnership to file a return for any taxable year, the adjustment may be made at any time.
(4) Return filed by SecretaryFor purposes of this section, a return executed by the Secretary under subsection (b) of section 6020 on behalf of the partnership shall not be treated as a return of the partnership.
(d) Suspension when Secretary mails notice of adjustmentIf notice of a partnership adjustment with respect to any taxable year is mailed to the partnership, the running of the period specified in subsection (a) (as modified by the other provisions of this section) shall be suspended—
(1) for the period during which an action may be brought under section 6247 (and, if a petition is filed under section 6247 with respect to such notice, until the decision of the court becomes final), and
(2) for 1 year thereafter.
(Added Pub. L. 105–34, title XII, §1222(a), Aug. 5, 1997, 111 Stat. 1015.)
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