Extension by Agreement

ID:
Office:
UILC:
CCA_2009022715091737
---
6229.02-00
Number: 200912029
Release Date: 3/20/2009
From: ---
Sent: Friday, February 27, 2009 3:09:19 PM
To: ---
Cc: ---
Subject: RE: Protecting S Corp & Shareholder Statutes on TEFRA case
There is no further extension needed. There is no separate S corporation statute. Bufferd v.
Commissioner, 113 S.Ct. 927 (1993). The TEFRA proceeding controls the assessment of indirect partners that hold their partnership interest through an S corporation. See Sente Investment Club v.
Commissioner, 95 T.C. 243 (1990). Partner or indirect partner consents (Forms 872-i) are only necessary if their is doubt as to the validity of a Tax Matters Partner consent on Form 872-P. We don't get Forms 872-i from S corporation since they generally are not taxpayers and have no power to extend the statutes of their shareholders. We would get a Form 872-i only from the indirect partners if there was any doubt about the TMP extension.