
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6240]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
                         CHAPTER 63--ASSESSMENT
 
         Subchapter D--Treatment of Electing Large Partnerships
 
         PART I--TREATMENT OF PARTNERSHIP ITEMS AND ADJUSTMENTS
 
Sec. 6240. Application of subchapter


(a) General rule

    This subchapter shall only apply to electing large partnerships and 
partners in such partnerships.

(b) Coordination with other partnership audit procedures

                           (1) In general

        Subchapter C of this chapter shall not apply to any electing 
    large partnership other than in its capacity as a partner in another 
    partnership which is not an electing large partnership.

          (2) Treatment where partner in other partnership

        If an electing large partnership is a partner in another 
    partnership which is not an electing large partnership--
            (A) subchapter C of this chapter shall apply to items of 
        such electing large partnership which are partnership items with 
        respect to such other partnership, but
            (B) any adjustment under such subchapter C shall be taken 
        into account in the manner provided by section 6242.

(Added Pub. L. 105-34, title XII, Sec. 1222(a), Aug. 5, 1997, 111 Stat. 
1009.)


                             Effective Date

    Subchapter applicable to partnership taxable years beginning after 
Dec. 31, 1997, see section 1226 of Pub. L. 105-34, as amended, set out 
as an Effective Date of 1997 Amendment note under section 6011 of this 
title.
