2017 US Code
Title 26 - Internal Revenue Code
Subtitle F - Procedure and Administration
Chapter 63 - Assessment
Subchapter C - Treatment of Partnerships
Part 1 - 1 -Procedure
Sec. 6233 - Interest and penalties
| 26 U.S.C. § 6233 (2017) |
| §6233. Interest and penalties |
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(a) Interest and penalties determined from reviewed year
(1) In general
Except to the extent provided in section 6226(c), in the case of a partnership adjustment for a reviewed year— (A) interest shall be computed under paragraph (2), and (B) the partnership shall be liable for any penalty, addition to tax, or additional amount as provided in paragraph (3). The interest computed under this paragraph with respect to any partnership adjustment is the interest which would be determined under chapter 67 for the period beginning on the day after the return due date for the reviewed year and ending on the return due date for the adjustment year (or, if earlier, the date payment of the imputed underpayment is made). Proper adjustments in the amount determined under the preceding sentence shall be made for adjustments required for partnership taxable years after the reviewed year and before the adjustment year by reason of such partnership adjustment. Any penalty, addition to tax, or additional amount shall be determined at the partnership level as if such partnership had been an individual subject to tax under chapter 1 for the reviewed year and the imputed underpayment were an actual underpayment (or understatement) for such year. In the case of any failure to pay an imputed underpayment on the date prescribed therefor, the partnership shall be liable— (A) for interest as determined under paragraph (2), and (B) for any penalty, addition to tax, or additional amount as determined under paragraph (3). Interest determined under this paragraph is the interest that would be determined by treating the imputed underpayment as an underpayment of tax imposed in the adjustment year. Penalties, additions to tax, or additional amounts determined under this paragraph are the penalties, additions to tax, or additional amounts that would be determined— (A) by applying section 6651(a)(2) to such failure to pay, and (B) by treating the imputed underpayment as an underpayment of tax for purposes of part II of subchapter A of chapter 68. |
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(Added Pub. L. 114–74, title XI, §1101(c)(1), Nov. 2, 2015, 129 Stat. 633.) |
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PRIOR PROVISIONS
A prior section 6233, added Pub. L. 98–369, div. A, title VII, §714(p)(1), July 18, 1984, 98 Stat. 964; amended Pub. L. 104–188, title I, §1307(c)(3)(B), Aug. 20, 1996, 110 Stat. 1782, related to extension to entities filing partnership returns, prior to repeal by Pub. L. 114–74, title XI, §1101(a), Nov. 2, 2015, 129 Stat. 625. EFFECTIVE DATESection applicable to returns filed for partnership taxable years beginning after Dec. 31, 2017, with certain exceptions, see section 1101(g) of Pub. L. 114–74, set out as a note under section 6221 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle F - Procedure and Administration CHAPTER 63 - ASSESSMENT Subchapter C - Treatment of Partnerships PART 1 - 1 -PROCEDURE Sec. 6233 - Interest and penalties |
| section 6233 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 98 Stat. 964 110 Stat. 1782 129 Stat. 633, 625 |
| Public Law 98-369, Public Law 104-188, Public Law 114-74 |
