96 S T A T. 666
Regulations.
P U B L I C L A W 9 7 - 2 4 8 — S E P T. 3, 1982 "(B) in the case of any other part n e r, as of the close of the partnership taxable year. "(2) INDIRECT PARTNERS.—The Secretary shall prescribe regulations consistent with the principles of paragraph (1) to be applied in the case of indirect part n e r s. "(e) E F F E C T OF J U D I C I A L DECISIONS IN CERTAIN PROCEEDINGS.— "(1) DETERMINATIONS AT PARTNER LEVEL.—No judicial deter-
m i n a t i o n w i t h respect to the income tax liability of any part n e r not conducted under this subchapter shall be a b a r to any adjustment in such part n e r ' s income tax liability resulting from— "(A) a proceeding with respect to partnership items under this subchapter, or "(B) a proceeding w i t h respect to items which become n o n partnership items— "(i) by reason of 1 or more of the events described in subsection (b), and "(ii) after the a p p r o p r i a t e t i m e for including such items in any other proceeding with respect to nonpartnership items. "(2) PROCEEDINGS UNDER SECTION 6228 (a).—No judicial deter-
m i n a t i o n in any proceeding under subsection (a) of section 6228 with respect to any partnership item shall be a b a r to any adjustment in any other partnership item. "(f) SPECIAL RULE FOR LOSSES AND CREDITS OF FOREIGN P A R T N E R -
SHIPS.—Except to the e x t e n t otherwise provided in regulations, in the case of any partnership the tax m a t t e r s part n e r of which resides outside the United States or the books of which a r e m a i n t a i n e d outside the United States, n o loss or credit shall be allowable to any part n e r unless section 6031 is complied with for the partnership ' s taxable year in which such deduction or credit arose a t such t i m e a s the Secretary prescribes by regulations. 26 USC 6232.
"SEC. 6232. EXTENSION OF SUBCHAPTER TO WINDFALL PROFIT TAX. "(a) INCLUSION AS PARTNERSHIP I T E M. — For purposes of a p p l y i n g
this subchapter to the tax imposed by chapter 45 (relating to the windfall profit tax), the term ' partnership item ' means any item r e l a t i n g to the determination of the tax imposed by chapter 45 to the e x t e n t regulations prescribed by the Secretary provide that, for purposes of t h i s subtitle, such item is more appropriately determined a t the partnership level than a t the part n e r level. "(b) SEPARATE APPLICATION.—This subchapter shall be applied s e p a r a t e l y with respect to— "(1) partnership items described in subsection (a), and "(2) partnership items described in section 6231(a)(3). "(c) PARTNERSHIP AUTHORIZED TO ACT FOR P A R T N E R S. —
26 USC 4986 et
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"(1) IN GENERAL.—For purposes of chapter 45 and so m u c h of t h i s subtitle as relates to chapter 45, to the e x t e n t and in the m a n n e r provided in regulations, a partnership shall be t r e a t e d as authorized to a c t for each part n e r with respect to the determination, assessment, or collection of the tax imposed by chapter 45. "(2) P A R T N E R S ENTITLED TO 5 PERCENT OR MORE OF INCOME MAY
ELECT OUT OF SUBSECTION.—Paragraph (1) shall not apply to any partnership if part n e r s entitled to 5 percent or more of the income of the partnership elect (at the t i m e and in the m a n n e r
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