Page:United States Statutes at Large Volume 96 Part 1.djvu/690

 96 STAT. 648

PUBLIC LAW 97-248—SEPT. 3, 1982 (b) CONFORMING AMENDMENTS.—

26 USC 6103.

26 USC 6103 note. Tax Treatment of Partnership Items Act of 1982. 26 USC 1 note.

(1) Subparagraph (A) of section 6103(i)(7) of such Code (as redesignated by this Act) is amended by striking out "subparagraph (B)" and inserting in lieu thereof "subparagraph (C)". (2) Subparagraph (C) of section 6103(i)(7) of such Code (as redesignated by this Act) is amended by striking out "subparagraph (A)" and inserting in lieu thereof "subparagraph (A) or (B)'^. (c) EFFECTIVE DATE.—The amendments made by this section shall take effect on the day after the date of the enactment of this Act.

TITLE IV—TAX TREATMENT OF PARTNERSHIP ITEMS SEC. 401. SHORT TITLE.

This title may be cited as the 'Tax Treatment of Partnership Items Act of 1982". SEC. 402. TAX TREATMENT OF PARTNERSHIP ITEMS.

(a) GENERAL RULE.—Chapter 63 (relating to assessment) is amended by adding at the end thereof the following new subchapter:

"Subchapter C—Tax Treatment of Partnership Items "Sec. 6221. Tax treatment determined at partnership level. "Sec. 6222. Partner's return must be consistent with partnership return or Secretary notified of inconsistency. "Sec. 6228. Notice to partners of proceedings. "Sec. 6224. Participation in administrative proceedings; waivers; agreements. "Sec. 6225. Assessments made only after partnership level proceedings are completed. "Sec. 6226. Judicial review of final partnership administrative adjustments. "Sec. 6227. Administrative adjustment requests. "Sec. 6228. Judicial review where administrative adjustment request is not allowed in full. "Sec. 6229. Period of limitations for making assessments. "Sec. 6280. Additional administrative provisions. "Sec. 62.S1. Definitions and special rules. "Sec. 6282. Extension of subchapter to windfall profit tax. 26 USC 6221.

"SEC. 6221. TAX TREATMENT DETERMINED AT PARTNERSHIP LEVEL.

"Except as otherwise provided in this subchapter, the tax treatment of any partnership item shall be determined at the partnership level. 26 USC 6222.

"SEC. 6222. PARTNER'S RETl'RN MUST BE CONSISTENT WITH PARTNERSHIP RETURN OR SECRETARY NOTIFIED OF INCONSISTENCY.

"(a) IN GENERAL.—A partner shall, on the partner's return, treat a partnership item in a manner which is consistent with the treatment of such partnership item on the partnership return. "(b) NOTIFICATION OF INCONSISTENT TREATMENT.—

"(1) IN GENERAL.—In the case of any partnership item, if— "(A)(i) the partnership has filed a return but the partner's treatment on his return is (or may be) inconsistent with the treatment of the item on the partnership return, or "(ii) the partnership has not filed a return, and

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