Partnership Item

ID:
Office:
UILC:
CCA_2009030312070654
---
6231.03-00
Number: 200938025
Release Date: 9/18/2009
From: ---
Sent: Tuesday, March 03, 2009 12:07:08 PM
To: ---
Cc: ---
Subject: Partnership Items
---
The Service has drafted, and intends to issue to the tax matters partner of ---
---, a “no-change” Final Partnership Administrative
Adjustment (“FPAA”) for tax year ---.
The Service has also drafted an Affected Item Report, which provides in relevant part that the ---, a partner in the --- partnership, has unreported taxable gain for tax year --- because --- incorrectly calculated its outside basis in --- as ---dollars rather than ---. The report provides the following determinations: an ---dollar personal note was not a partnership liability assumed by ---; and, --- contributed to ------, not ---dollars.
Those determinations, regarding the amount contributed to --- and the liabilities of -
---, are adjustments to partnership items that should be included in the FPAA regardless of whether any changes to --- Form 1065 are necessary. Treas. Reg.
§§ 301.6231(a)(3)-1(a)(1)(v) and -1(c)(2)(ii); Nussdorf v. Comm’r, 129 T.C. 30, 42-44
(2007); Dakotah Hills Office Ltd. Partnership v. Comm’r, T.C. Memo. 1996-35, 1996 WL
33211, *11-*12; and, University Heights at Hamilton Corp. v. Comm’r, 97 T.C. 278, 280-
281 (1991).
--- If the
Service applies a penalty related to the above-referenced determinations, then application of the penalty should also be included in the FPAA. I.R.C. § 6221.
---
---
---