Page:United States Statutes at Large Volume 111 Part 1.djvu/1043

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 1019 In any case to which this subchapter does not apply by reason Applicability. of paragraph (2), rules similar to the rules of sections 6229(f) and 6255(f) shall apply. ". (b) CONFORMING AMENDMENTS. — (1) Subsection (a) of section 7421 is amended by inserting "6246(b)," after "6213(a),". (2) Subsection (c) of section 7459 is amended by striking "or section 6228(a)" and inserting ", 6228(a), 6247, or 6252". (3) Subparagraph (E) of section 7482(b)(1) is amended by striking "or 6228(a)" and inserting ", 6228(a), 6247, or 6252". (4)(A) The text of section 7485(b) is amended by striking "or 6228(a)" and inserting ", 6228(a), 6247, or 6252". (B) The subsection heading for section 7485(b) is amended to read as follows: "(b) BOND IN CASE OF APPEAL OF CERTAIN PARTNERSHIP- RELATED DECISIONS.— ". (c) CLERICAL AMENDMENT.— The table of subchapters for chapter 63 is amended by adding at the end thereof the following new item: "Subchapter D. Treatment of electing large partnerships.". SEC. 1223. DUE DATE FOR FURNISHING INFORMATION TO PARTNERS OF ELECTING LARGE PARTNERSHIPS. (a) GENERAL RULE. —Subsection (b) of section 6031 (relating to copies to partners) is amended by adding at the end the following new sentence: "In the case of an electing large partnership (as defined in section 775), such information shall be furnished on or before the first March 15 following the close of such taxable year.". (b) TREATMENT AS INFORMATION RETURN.— Section 6724 is amended by adding at the end the following new subsection: "(e) SPECIAL RULE FOR CERTAIN PARTNERSHIP RETURNS.—If any partnership return under section 6031(a) is required under section 6011(e) to be filed on magnetic media or in other machinereadable form, for purposes of this part, each schedule required to be included with such return with respect to each partner shall be treated as a separate information return.". SEC. 1224. RETURNS REQUIRED ON MAGNETIC MEDIA. Paragraph (2) of section 6011(e) (relating to returns on magnetic media) is amended by adding at the end thereof the following new sentence: "Notwithstanding the preceding sentence, the Secretary shall require partnerships having more than 100 partners to file returns on magnetic media.". SEC. 1225. TREATMENT OF PARTNERSHIP ITEMS OF INDIVIDUAL RETIREMENT ACCOUNTS. Subsection (b) of section 6012 is amended by adding at the end thereof the following new paragraph: "(6) IRA SHARE OF PARTNERSHIP INCOME.—In the case of a trust which is exempt from taxation under section 408(e), for purposes of this section, the trust's distributive share of items of gross income and gain of any partnership to which subchapter C or D of chapter 63 applies shall be treated as equal to the trust's distributive share of the taxable income of such partnership.".

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