[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6222(b)-3]

[Page 165-166]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Assessment
 
Sec. 301.6222(b)-3  Partner receiving incorrect schedule.

    (a) In general. A partner shall be treated as having complied with 
section 6222(b)(1)(B) and Sec. 301.6222(b)-1 with respect to a 
partnership item if the partner--
    (1) Demonstrates that the treatment of the partnership item on the 
partner's return is consistent with the treatment of that item on the 
schedule prescribed by the Internal Revenue Service and furnished to the 
partner by the partnership showing the partner's share of income, 
credits, deductions, etc.; and
    (2) Elects in accordance with the rules prescribed in paragraph (b) 
of this section to have this section apply with respect to that item.
    (b) Election provisions--(1) Time and manner of making election. The 
election described in paragraph (a) of this section shall be made by 
filing a statement with the Internal Revenue Service office issuing the 
notice of computational adjustment within 30 days after the notice is 
mailed to the partner.
    (2) Contents of statement. The statement described in paragraph 
(b)(1) of this section shall be--
    (i) Clearly identified as an election under section 6222(b)(2);

[[Page 166]]

    (ii) Signed by the partner making the election; and
    (iii) Accompanied by copies of the schedule furnished to the partner 
by the partnership and of the notice of computational adjustment. The 
partner need not enclose a copy of the notice of computational 
adjustment, however, if the partner clearly identifies the notice of 
computational adjustment. Generally, the requirement described in 
paragraph (a)(1) of this section will be satisfied by attaching to the 
statement a copy of the schedule furnished to the partner by the 
partnership. However, if it is not clear from the information contained 
on the schedule that the treatment of the partnership item on the 
schedule is consistent with the partner's treatment of such item on the 
partner's return the statement shall also include an explanation of how 
the treatment of such item on the schedule is consistent with the 
treatment on the partner's return with respect to the characterization, 
timing, and amount of such item.
    (c) Effective date. This section is applicable to partnership 
taxable years beginning on or after October 4, 2001. For years beginning 
prior to October 4, 2001, see Sec. 301.6222(b)-3T contained in 26 CFR 
part 1, revised April 1, 2001.

[T.D. 8965, 66 FR 50546, Oct. 4, 2001]