Page:United States Statutes at Large Volume 92 Part 3.djvu/186

 92 STAT. 2818

PUBLIC LAW 95-600—NOV. 6, 1978 "(b) AMOUNT P E R MONTH.—For purposes of subsection (a), the amount determined under this subsection for any month is the product of— "(1) $50, multiplied by "(2) the number of persons who were partners in the partnership during any part of the taxable year "(c) ASSESSMENT OF PENALTY.—The penalty imposed by subsection (a) shall be assessed against the partnership. "(d) DEFICIENCY PROCEDURES NOT TO APPLY.—Subchapter B of

chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by subsection (a)." (b) CLERICAL AMENDMENT.—The table of sections for subchapter B of chapter 68 is amended by adding at the end thereof the following new item: "Sec. 6698. Failure to file partnership return."

26 USC 6698 "ote.

(c) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to returns for taxable years beginning after December 31, 1978. SEC. 212. EXTENSION OF STATUTE OF LIMITATIONS IN THE CASE OF PARTNERSHIP ITEMS.

26 USC 6501.

(a) ASSESSMENT OF DEFICIENCIES.—Section 6501 (relating to limita-

tions on assessment and collection) is amended by adding at the end thereof the following new subsection: "(q) SPECIAL RULES FOR PARTNERSHIP ITEMS OF FEDERALLY REGISTERED PARTNERSHIPS.—

"(1) IN GENERAL.—In the case of any tax imposed by subtitle A with respect to any person, the period for assessing a deficiency attributable to any partnership item of a federally registered partnership shall not expire before the later of— "(A) the date which is 4 years after the date on which the partnership return of the federally registered partnership for the partnership taxable year in which the item arose was filed (or, later, if the date prescribed for filing the return), or "(B) if the name or address of such person does not appear on the partnership return, the date which is 1 year after the date on which such information is furnished to the Secretary in such manner and at such place as he may prescribe by regulations. "(2) PARTNERSHIP ITEM DEFINED.—For purposes of this subsection, the term 'partnership item' means— "(A) any item required to be taken into account for the partnership taxable year under any provision of subchapter K of chapter 1 to the extent that regulations prescribed by the Secretary provide that for purposes of this subtitle such item is more appropriately determined at the partnership level than at the partner level, and "(B) any other item to the extent affected by an item described in subparagraph (A). "(3) EXTENSION BY AGREEMENT.—The extensions referred to in subsection (c)(4), insofar as they relate to partnership items, may, with respect to any person, be consented to— "(A) except to the extent the Secretary is otherwise notified by the partnership, by a general partner of the partnership, or

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