(a)In the case of any tax imposed by Part 10 (commencing with Section 17001) or Part 11 (commencing with Section 23001) with respect to any person, the period for assessing a deficiency attributable to any partnership item of a federally registered partnership shall not expire before the later of the following:
(1)The date which is five years after the date on which the partnership return of the federally registered partnership for the
partnership taxable year in which the item arose was filed (or later, if the date prescribed for filing the return).
(2)If the name or address of the person does not appear on the partnership return, the date which is one year after the date on which the information is furnished to the Franchise Tax Board in the manner and at the place as it may pre
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(a)
In the case of any tax imposed by Part 10 (commencing with Section 17001) or Part 11 (commencing with Section 23001) with respect to any person, the period for assessing a deficiency attributable to any partnership item of a federally registered partnership shall not expire before the later of the following:
(1)
The date which is five years after the date on which the partnership return of the federally registered partnership for the
partnership taxable year in which the item arose was filed (or later, if the date prescribed for filing the return).
(2)
If the name or address of the person does not appear on the partnership return, the date which is one year after the date on which the information is furnished to the Franchise Tax Board in the manner and at the place as it may prescribe.
(b)
For purposes of this section, “partnership item” means both of the following:
(1)
Any item required to be taken into account for the partnership taxable year under any provision of subchapter K of Chapter 1 of Title 26 of the Internal Revenue Code to the extent that regulations prescribed by the Franchise Tax Board provide that for purposes of this part that item is more appropriately determined at the partnership level than at the partner level.
(2)
Any other item to the extent affected by an item described in paragraph (1).
(c)
The extensions referred to in subsection (c)(4) of Section 6501 of the Internal Revenue Code, insofar as they relate to partnership items, may, with respect to any person, be consented by either of the following:
(1)
Except to the extent the Franchise Tax Board is otherwise notified by the partnership, by a general partner of the partnership.
(2)
By any person authorized to do so by the partnership in writing.
(d)
For purposes of this section, “federally registered partnership” means, with respect to any partnership taxable year, any partnership for which either of the following apply:
(1)
Interests have been offered for sale at any time during that taxable year or a prior taxable year in any offering required to be registered with the Securities and Exchange Commission.
(2)
At any time during that taxable year or a prior taxable year, was subject to the annual reporting requirements of the Securities and Exchange Commission which relate to the protection of investors in the partnership.