[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: 26CFR301.6233-1]

[Page 200]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Assessment
 
Sec. 301.6233-1  Extension to entities filing partnership returns.

    (a) Entities filing a partnership return. Except as provided in 
paragraph (c)(1) of this section, the provisions of subchapter C of 
chapter 63 of the Internal Revenue Code (subchapter C) and the 
regulations thereunder shall apply with respect to any taxable year of 
an entity for which such entity files a partnership return as well as to 
such entity's items for that taxable year and to any person holding an 
interest in such entity at any time during that taxable year. Any final 
partnership administrative adjustment or judicial determination 
resulting from a proceeding under subchapter C with respect to such 
taxable year may include a determination that the entity is not a 
partnership for such taxable year as well as determinations with respect 
to all items of the entity that would be partnership items, as defined 
in section 6231(a)(3) and the regulations thereunder, if such entity had 
been a partnership in such taxable year (including, for example, any 
amounts taxable to an entity determined to be an association taxable as 
a corporation). For example, a final determination under subchapter C 
that an entity that filed a partnership return is an association taxable 
as a corporation will serve as a basis for a computational adjustment 
reflecting the disallowance of any loss or credit claimed by a purported 
partner with respect to that entity.
    (b) Partnership return filed but no entity found to exist. Paragraph 
(a) of this section shall apply where a partnership return is filed for 
a taxable year but it is determined that there is no entity for such 
taxable year. For purposes of applying paragraph (a) of this section, 
the partnership return shall be treated as if it were filed by an 
entity. However, any final partnership administrative adjustment or 
judicial determination resulting from a proceeding under subchapter C 
with respect to such taxable year may also include a determination that 
there is no entity for such taxable year.
    (c) Exceptions. Paragraph (a) of this section shall not apply to--
    (1) Entities for any taxable year in which such entity would be 
excepted from the provisions of subchapter C of the Internal Revenue 
Code under section 6231(a)(1)(B) and the regulations thereunder 
(relating to the exception for small partnerships) if such entity were a 
partnership for such taxable year; and
    (2) Entities for any taxable year for which a partnership return was 
filed for the sole purpose of making the election described in section 
761(a).
    (d) Effective dates. 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. 301.6233-1T contained in 26 CFR part 
1, revised April 1, 2001.

[T.D. 8965, 66 FR 50563, Oct. 4, 2001]