,i #aaith ,,congress #b;d ,session ,h4 ,r4 #ajhac ,,in ,,the ,,house ,,of ,,representatives ,october #ae1 #bjbf,mr4 ,carey 7for himself1 ,mr4 ,carter of ,georgia1 ,mr4 ,moore of ,north ,carolina1 ,mr4 ,fleischmann1 and ,mr4 ,bean of ,florida7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to provide an election to resolve certain open partnership controversies involving donations of conservation easements4 #a4 ,short title ,this ,act may be cited as the ,historic ,preservation and ,land ,conservation ,certainty ,act4 #b4 ,election to resolve certain open partnership controversies involving donations of conservation easements 7a7 ,definitions ,for purposes of this section-- 7#a7 ,eligible contribution ,the term eligible contribution means any contribution claimed by a partnership in a taxable year ending on or before ,december #ca1 #bjbe1 with respect to which a deduction was claimed under section #agj of the ,internal ,revenue ,code of #aihf on the partnership return for such year on the basis that such contribution was a qualified conservation contribution 7as defined in section #agj7;h77#a7 of such ,code74 ,for purposes of this section1 such contribution shall be treated as made by the partnership that was the donor of the contributed property for purposes of section #agj of such ,code1 determined without regard to any agency or nominee arrangement4 7#b7 ,claimed deduction ,the term claimed deduction means the aggregate amount of the deduction with respect to an eligible contribution that was allocable to the ultimate taxpayer partners1 as reported on ,schedule ,k-#a or similar statements furnished 7directly or indirectly through #a or more pass-through entities7 to such partners for the taxable year in which such deduction is taken into account under section #gjf7;a71 section #acff7;a71 or other applicable provision of the ,internal ,revenue ,code of #aihf1 including any amendments filed on or before the date the election statement is filed4 ,in determining the claimed deduction1 the electing partnership may rely on reported amounts 7as amended7 unless it has actual knowledge that a different amount was allocable to ultimate taxpayer partners1 and may rely on written representations from upper-tier pass-through entities4 ,any discrepancy between the amount used in the election statement and the actual aggregate amount shall be subject to adjustment under subsection 7h71 but shall not by itself invalidate the election4 7#c7 ,open matter ,the term open matter means1 with respect to any eligible contribution1 a contribution with respect to which-- 7,a7 as of the date the election statement is filed1 the period for assessment of any tax imposed by chapter #a of the ,internal ,revenue ,code of #aihf that is attributable to such contribution has not expired 7determined after the application of section #feja of such ,code 7including any extension under section #feja7;c77#d7 of such ,code and any suspension under section #fejc of such ,code7 and1 to the extent applicable1 section #fbbi of such ,code 7as in effect for partnership taxable years beginning before ,january #a1 #bjah7 and section #fbce of such ,code72 or 7,b7 the ,secretary has issued to the partnership1 the applicable partnership representative1 or any person authorized to act for the partnership1 a written notice or request identifying the partnership1 the taxable year1 and the contribution 7or the conservation easement transaction of which such contribution is a part71 indicating review1 examination1 or proposed adjustment of the ,federal income tax treatment thereof1 or an administrative appeal or judicial proceeding is pending with respect thereto4 7#d7 ,election period ,the term election period means the #cfj-;day period beginning on the date of enactment of this ,act4 7#e7 ,common marketing group 7,a7 ,in general ,the term common marketing group means all partnerships with eligible contributions with respect to which the same principal organizer or manager 7as defined in subparagraph 7,b771 even if acting in conjunction with #a or more other persons1 was principally responsible for organizing or managing the plan or arrangement pursuant to which such eligible contributions were solicited1 structured1 or facilitated1 and includes all partnerships with eligible contributions with respect to which any person related 7within the meaning of section #bfg7;b7 or section #gjg7;b77#a7 of the ,internal ,revenue ,code of #aihf7 to such principal organizer or manager was so principally responsible4 7,b7 ,principal organizer or manager ,for purposes of this section1 a person shall be treated as a principal organizer or manager with respect to an eligible contribution if such person 7or any person related to such person within the meaning of section #bfg7;b7 or section #gjg7;b77#a7 of the ,internal ,revenue ,code of #aihf7 satisfies any of the following conditions3 7i7 ,such person is identified as an organizer1 manager1 sponsor1 promoter1 arranger1 or similar role in any written offering material1 subscription agreement1 marketing presentation1 partnership agreement1 management agreement1 side letter1 or other written communication provided to any partner or prospective partner in connection with the partnership making the eligible contribution4 7ii7 ,such person received1 directly or indirectly1 or was entitled to receive1 any fee1 commission1 compensation1 profit interest1 or other economic benefit 7other than reimbursement of reasonable out-of-pocket expenses7 in connection with organizing1 managing1 marketing1 structuring1 facilitating1 or arranging financing for the eligible contribution1 or for the acquisition1 holding1 or donation of the property with respect to which the eligible contribution was made4 7iii7 ,such person served1 directly or indirectly1 as a general partner1 managing member1 manager1 trustee1 investment manager1 or similar controlling person with authority 7under governing documents or contract7 over the partnership's acquisition1 holding1 management1 disposition1 or donation of the property1 or over the decision to make the eligible contribution4 7,c7 ,overlapping groups ,if a partnership would be treated as a member of more than #a common marketing group under this paragraph1 all such groups shall be treated as a single common marketing group for purposes of this section4 7#f7 ,designated partnership ,the term designated partnership means the partnership designated under subsection 7d77#c74 7#g7 ,electing partnership ,the term electing partnership means the designated partnership 7in the case of a common marketing group7 or the partnership that made the eligible contribution 7in all other cases74 7#h7 ,non-contributing partner ,the term non-contributing partner means any ultimate taxpayer partner identified under subsection 7f77#a77;,a77ii74 7#i7 ,election statement ,the term election statement means the written statement filed under subsection 7b77#b7 that includes the information required under subsection 7b77#c74 7#aj7 ,applicable partnership representative ,the term applicable partnership representative means the partnership representative designated under section #fbbc7;a7 of the ,internal ,revenue ,code of #aihf 7for partnership taxable years beginning after ,december #ca1 #bjag7 or the tax matters partner designated under section #fbca7;a77#g7 of such ,code 7as in effect for partnership taxable years beginning before ,january #a1 #bjah74 7#aa7 ,pass-through entity ,the term pass-through entity means any partnership1 ,s corporation1 estate1 or trust4 7#ab7 ,ultimate taxpayer partner ,the term ultimate taxpayer partner means1 with respect to any portion of a deduction attributable to an eligible contribution1 the person that1 after taking into account allocations of such portion through one or more pass-through entities1 actually takes such portion into account in determining the tax imposed by chapter #a and receives the ,federal income tax benefit of such portion1 whether as a partner1 shareholder1 beneficiary1 owner1 or otherwise4 ,except as provided in the preceding sentence1 a pass-through entity shall not be treated as an ultimate taxpayer partner4 ,a pass-through entity shall be treated as an ultimate taxpayer partner to the extent such entity is itself subject to tax under chapter #a and claims the benefit of such portion4 7#ac7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury or the ,secretary's delegate4 7b7 ,election2 making election2 effect 7#a7 ,in general ,notwithstanding any other provision of the ,internal ,revenue ,code of #aihf1 in the case of any eligible contribution with an open matter1 the electing partnership may elect to have this section apply4 ,an election under this section may include only eligible contributions that have an open matter as of the date the election statement is filed4 7#b7 ,making the election ,an election under this section shall be made by filing1 not later than the last day of the election period1 an election statement with the ,secretary at the place prescribed under section #fjia of the ,internal ,revenue ,code of #aihf for filing the partnership return of the electing partnership4 ,the partnership shall submit the remittance required under subsection 7e77#b7 with the election statement4 ,such remittance shall be in the form of a cashier's check1 certified check1 money order1 or other check payable to the ,united ,states ,treasury1 and shall identify the electing partnership and state that it relates to an election under this section4 7#c7 ,required contents of election statement ,the election statement shall set forth1 with respect to the eligible contribution-- 7,a7 the name1 address1 and employer identification number of the electing partnership and1 in the case of a common marketing group1 the name and employer identification number of each partnership whose eligible contributions are included in the election2 7,b7 the taxable year or years of the contributions encompassed by the election2 7,c7 identification of each donee and the property1 including the date of each eligible contribution2 7,d7 the claimed deduction2 7,e7 the settlement limitation amount determined under subsection 7c72 7,f7 the tax component determined under subsection 7e77#a77;,b72 7,g7 the penalty component determined under subsection 7e77#a77;,c72 7,h7 the settlement amount determined under subsection 7e77#a77;,a72 and 7,i7 in the case of an electing partnership with a non-contributing partner1 the schedule described in subsection 7f77#a74 7#d7 ,effect2 waiver ,if an election under this section becomes effective under paragraph 7#f7-- 7,a7 there shall be allowed as a deduction under section #agj of the ,internal ,revenue ,code of #aihf with respect to the eligible contribution an amount equal to the lesser of the claimed deduction or the settlement limitation amount1 without regard to any issue concerning the qualification1 valuation1 or substantiation of such contribution2 7,b7 the settlement amount shall be due and payable as provided in subsection 7e72 7,c7 except as provided in subsection 7f71 payment of the settlement amount and any interest required under subsection 7e77#d7 shall resolve all ,federal income tax liability 7including penalties and interest7 attributable to the excess of the claimed deduction over the settlement limitation amount2 and 7,d7 the electing partnership1 each partner thereof1 each pass-through entity through which any portion of the claimed deduction is allocable1 and each ultimate taxpayer partner to which any portion of the claimed deduction is allocable waive any right to contest the amounts described in subparagraphs 7,e71 7,f71 7,g71 or 7,h7 of paragraph 7#c71 administratively or judicially4 7#e7 ,courtesy notice ,within #aj days of filing an election statement1 the electing partnership shall provide a copy thereof to any revenue agent1 appeals officer1 or chief counsel attorney assigned to the partnership that made the eligible contribution1 and to the ,clerk of the ,tax ,court1 any ,united ,states ,district ,court1 or any ,court of ,appeals in which proceedings involving the eligible contribution are pending4 ,copies provided to courts shall exclude any schedule described in subsection 7f77#a7 and shall redact taxpayer identification numbers and street addresses4 ,failure to provide such notice shall not affect the validity of the election4 7#f7 ,date election becomes effective ,an election that satisfies the requirements of this subsection and is accompanied by the required remittance under subsection 7e77#b7 shall be effective upon filing4 ,no acceptance1 acknowledgment1 determination1 form1 regulation1 or other administrative action by the ,secretary shall be required for the election to be effective4 ,no requirement or procedural step other than those expressly set forth in this section may be imposed as a condition to making or giving effect to an election4 7#g7 ,timely mailing ,for purposes of this section1 section #gejb of the ,internal ,revenue ,code of #aihf 7determined without regard to subsection 7f7 thereof7 shall apply to the election statement1 any required schedule or authorization1 and any accompanying remittance4 7#h7 ,suspension of limitations ,the running of any period of limitation on assessment with respect to any tax attributable to an eligible contribution for which an election becomes effective under paragraph 7#f7 shall be suspended from the date of filing of the election statement until the earlier of #b years after the date such election becomes effective or the date the election becomes void under subsection 7h77#d71 and for #ij days thereafter4 7#i7 ,signature2 finality ,the election statement shall be signed by the applicable partnership representative4 ,an effective election shall be irrevocable and binding on the electing partnership1 each partner thereof1 each partnership in a common marketing group whose authorization is included under subsection 7d77#c71 each pass-through entity through which any portion of the claimed deduction is allocable1 and each ultimate taxpayer partner to which any portion of the claimed deduction is allocable4 ,except as expressly provided in subsection 7f77#f7 and 7h77#d71 such election shall not be subject to judicial review4 ,such election shall be treated as a closing agreement under section #gaba with respect to the amount of the deduction allowed under paragraph 7#d77;,a71 as adjusted under subsection 7h71 and the matters resolved under paragraph 7#d77;,c71 and shall be deemed approved by the ,secretary under section #gaba7;b7 as of the date the election becomes effective4 7c7 ,settlement limitation amount ,for purposes of this section-- 7#a7 ,general rule ,except as provided in paragraph 7#b71 the term settlement limitation amount means an amount equal to #b4e times the aggregate amount of capital contributed1 directly or indirectly1 by the ultimate taxpayer partners to the partnership4 7#b7 ,excepted contributions ,in the case of an eligible contribution meeting the requirements of subparagraph 7,c71 7,d71 or 7,e7 of paragraph 7#g7 of the ,internal ,revenue ,code of #aihf 7determined as if section #agj7;h77#g7 of such ,code applied to such contribution71 the term settlement limitation amount means an amount equal to #c4b times the aggregate amount of capital contributed1 directly or indirectly1 by the ultimate taxpayer partners1 excluding any amount derived from a loan1 insurance arrangement1 or other financing provided by the principal organizer or manager1 or by any person related 7within the meaning of section #bfg7;b7 or section #gjg7;b77#a7 of such ,code7 to such principal organizer or manager4 7d7 ,aggregation for common marketing groups 7#a7 ,single contribution treatment ,all eligible contributions of partnerships in a common marketing group that are described in the election statement and that each has an open matter as of the date the election statement is filed shall be treated as a single eligible contribution for purposes of this section4 7#b7 ,computation on combined basis ,in the case of a common marketing group1 the claimed deduction1 settlement limitation amount1 and settlement amount shall be computed by aggregating across all partnerships and all taxable years in the group with respect to the eligible contributions described in the election statement4 7#c7 ,designation and authorizations ,a common marketing group shall act through a designated partnership4 ,the designated partnership shall be identified by name and employer identification number in a written authorization executed by the applicable partnership representative of each partnership in the group4 7#d7 ,validity condition ,except as provided in paragraph 7#e71 an election by a designated partnership shall not be effective unless the election statement includes authorizations from each partnership in the common marketing group1 other than a partnership identified by name and employer identification number in the election statement as excluded because approval of its partners required under applicable law or the governing documents of such partnership for the authorization under paragraph 7#c7 was not obtained4 ,a partnership so identified1 and each eligible contribution of such partnership1 shall be disregarded in applying this subsection to such election4 ,such partnership may not make1 or be included in1 any election under this section1 whether separately or as part of any common marketing group4 7#e7 ,effect of final decisions ,if #a or more partnerships in a common marketing group are precluded from electing under subsection 7g77#c71 the remaining partnerships may make a group election if all partnerships to which subsection 7g77#c7 does not apply1 other than partnerships excluded under paragraph 7#d71 provide authorizations under paragraph 7#c74 ,in any case in which this paragraph applies1 paragraph 7#b7 shall be applied by excluding any partnership precluded under subsection 7g77#c74 7e7 ,payment of settlement amount 7#a7 ,settlement amount ,for purposes of this section-- 7,a7 ,in general ,the term settlement amount means the sum of-- 7i7 the tax component2 and 7ii7 the penalty component4 7,b7 ,tax component ,the tax component is equal to the product of-- 7i7 the excess of the claimed deduction over the settlement limitation amount2 and 7ii7 the highest rate of tax in effect under section #a of the ,internal ,revenue ,code of #aihf for any taxable year encompassed by the election4 7,c7 ,penalty component ,the penalty component is equal to the amount that would be determined under section #fffb of the ,internal ,revenue ,code of #aihf by applying the applicable penalty rate under paragraph 7#c7 to an underpayment equal to the tax component and by treating the lesser of the claimed deduction or the settlement limitation amount as the correct amount of the deduction4 7#b7 ,payment ,an electing partnership shall pay the settlement amount1 together with any interest required under paragraph 7#d71 not later than the last day of the election period4 ,except as provided in subsection 7f71 an election shall not be effective unless the electing partnership remits the full settlement amount1 together with any interest required under paragraph 7#d71 with the election statement4 ,if the settlement amount1 together with any interest required under paragraph 7#d71 is zero1 no remittance shall be required1 and an election shall not fail to be effective by reason of the absence of a remittance4 7#c7 ,applicable penalty rate ,the applicable penalty rate shall be-- 7,a7 the rate applicable under section #fffb7;h7 of the ,internal ,revenue ,code of #aihf with respect to the portion of an underpayment attributable to the claimed deduction in excess of #bjj percent of the settlement limitation amount2 and 7,b7 the rate applicable under section #fffb7;a7 of the ,internal ,revenue ,code of #aihf with respect to the portion of an underpayment attributable to the claimed deduction in excess of #aej percent of the settlement limitation amount but not in excess of #bjj percent of the settlement limitation amount4 ,no penalty rate shall apply with respect to the portion of an underpayment attributable to the claimed deduction not in excess of #aej percent of the settlement limitation amount4 ,the application of the rates under subparagraphs 7,a7 and 7,b7 shall be determined without regard to sections #fffb7;e77#b7 and #fffd7;c7 of the ,internal ,revenue ,code of #aihf4 7#d7 ,interest waiver ,in the case of any portion of the settlement amount remitted by the electing partnership not later than the last day of the election period1 all interest under section #ffja of the ,internal ,revenue ,code of #aihf with respect to such portion accruing on or before the last day of the #ij-;day period beginning on the date of enactment of this ,act shall be waived4 ,if such portion is remitted after the last day of such #ij-;day period1 interest under such section shall accrue on such portion only for the period beginning on the day after such last day and ending on the date of remittance4 ,except as provided in subsection 7f71 no interest shall be waived under this paragraph with respect to any amount not remitted by the last day of the election period4 7#e7 ,assessment and collection ,any settlement amount 7and any amount assessed under subsection 7f77 shall be assessed and collected in the same manner as tax imposed by chapter #a of the ,internal ,revenue ,code of #aihf4 ,the ,secretary shall accept and apply any remittance required under paragraph 7#b7 as a payment of the settlement amount and any interest required under paragraph 7#d7 without any receipt1 notice1 or administrative action affecting the effectiveness of the election4 7f7 ,non-,contributing partners 7#a7 ,identification of non-contributing partners 7,a7 ,in general ,if the electing partnership does not remit the full settlement amount solely because one or more ultimate taxpayer partners fail to provide their respective allocable amounts1 the election statement shall include a schedule identifying-- 7i7 each ultimate taxpayer partner who has contributed such partner's allocable amount2 7ii7 each ultimate taxpayer partner who has not contributed such partner's allocable amount2 and 7iii7 the following information for each partner described in clauses 7i7 and 7ii73 7,i7 ,the name1 current address1 taxpayer identification number of such partner4 7,,ii7 ,the amount described in subparagraph 7,b77i7 with respect to such partner4 7,,iii7 ,the allocable amount for such partner4 7,b7 ,allocable amount ,for purposes of this subsection1 a partner's allocable amount is equal to the product of the settlement amount and a fraction-- 7i7 the numerator of which is such partner's share of the deduction 7as reported on the ,schedule ,k-#a or similar statement1 including amendments filed before the date the election statement is filed72 and 7ii7 the denominator of which is the total claimed deduction4 7#b7 ,reduced remittance ,in the case of an election statement including a schedule under paragraph 7#a71 the amount of the remittance required under subsection 7e77#b7 shall be reduced by the aggregate allocable amounts of non-contributing partners4 7#c7 ,assessment against non-contributing partners ,the ,secretary shall assess against each non-contributing partner an amount equal to the sum of-- 7,a7 such partner's allocable amount1 and 7,b7 an amount equal to #be percent of the product of the tax component determined under subsection 7e77#a77;,b7 and the fraction described in paragraph 7#a77;,b74 ,such amount shall be payable upon notice and demand4 7#d7 ,interest ,interest under section #ffja of the ,internal ,revenue ,code of #aihf shall accrue on any amount assessed under this subsection beginning on the day after the last day of the election period4 7#e7 ,period of limitations ,for purposes of section #feja of the ,internal ,revenue ,code of #aihf1 the period for assessment of any amount under this subsection shall not expire before #c years after the last day of the election period4 7#f7 ,assessment procedures2 judicial review ,amounts assessed under paragraph 7#c7 shall be immediately assessable1 and the restrictions under section #fbac7;a7 of the ,internal ,revenue ,code of #aihf on assessment and collection shall not apply4 ,a non-contributing partner may contest the computation of such partner's allocable amount only by paying the amount assessed and filing a claim for refund under section #feaa of such ,code4 ,nothing in this subsection shall limit a non-contributing partner's right to bring suit under section #gdbb of such ,code following disallowance of such claim4 7g7 ,coordination with prior proceedings 7#a7 ,prior settlements ,if a partnership has entered into a closing agreement under section #gaba of the ,internal ,revenue ,code of #aihf or a compromise under section #gabb of such ,code with respect to an eligible contribution1 the partnership shall exclude from the election any matters resolved thereby4 7#b7 ,pending stipulated decisions ,a partnership with respect to which a stipulated decision has been lodged with the ,tax ,court but not yet entered may withdraw such stipulation and make an election1 provided that such withdrawal occurs before the last day of the election period4 7#c7 ,final decisions ,no election may be made with respect to an eligible contribution if a decision of the ,tax ,court has become final within the meaning of section #gdha of the ,internal ,revenue ,code of #aihf1 or if a judgment of any other court has become final and is no longer subject to review 7including by petition for writ of certiorari74 7#d7 ,section #fbbf elections ,if a partnership has made an election under section #fbbf of the ,internal ,revenue ,code of #aihf with respect to an imputed underpayment attributable to an eligible contribution1 an election under this section may be made only if such election under section #fbbf of such ,code is revoked4 ,notwithstanding section #fbbf of such ,code and any regulations thereunder1 such revocation shall be made by a written statement signed by the applicable partnership representative and included with the election statement1 and shall be effective solely with respect to the eligible contribution and items attributable thereto4 7h7 ,examination for computational accuracy 7#a7 ,authority ,notwithstanding subsection 7b77#d71 the ,secretary may examine any election solely to verify the correctness of computational elements1 including the claimed deduction1 relevant basis or capital contributions1 settlement limitation amount1 the interest required under subsection 7e77#d71 tax component1 and penalty component4 ,such examination shall not extend to any determination of fair market value or any other substantive issue resolved by the election4 7#b7 ,adjustment for discrepancy ,if the ,secretary determines that the settlement amount or any interest required under subsection 7e77#d7 was incorrectly computed1 the ,secretary shall notify the electing partnership of such discrepancy and the corrected amount by mailing notice to the last known address of such partnership4 ,notwithstanding subsections 7b77#f7 and 7e77#b71 such discrepancy shall not1 by itself1 cause the election to fail to become effective or otherwise invalidate the election1 except as provided in paragraph 7#f74 ,except as provided in paragraphs 7#c7 and 7#d71 any additional amount due shall be payable within #ij days of such notification4 7#c7 ,administrative review ,if1 within the #ij-;day period described in paragraph 7#b71 the electing partnership files a written protest or request for administrative review of all or any portion of the additional amount1 the ,secretary shall provide administrative review1 including review by the ,independent ,office of ,appeals if otherwise available4 ,assessment and collection of the disputed portion shall be suspended while such administrative review is pending4 ,upon conclusion of such review1 the ,secretary shall mail to the electing partnership a notice of final administrative determination setting forth the amount1 if any1 finally determined by the ,secretary4 7#d7 ,judicial review ,the electing partnership may contest the computation of any additional amount determined under paragraph 7#b7 or 7#c7 by filing a petition with the ,tax ,court without prior payment or1 after payment1 by filing a claim for refund under section #feaa of the ,internal ,revenue ,code of #aihf4 ,any petition to the ,tax ,court shall be filed within #ij days after the ,secretary mails the notice described in paragraph 7#b71 or1 if administrative review is timely requested under paragraph 7#c71 within #ij days after the ,secretary mails the notice of final administrative determination described in paragraph 7#c74 ,the ,tax ,court shall have jurisdiction over any timely petition filed under this paragraph1 notwithstanding that the electing partnership is not otherwise liable for tax under the ,internal ,revenue ,code of #aihf1 and may redetermine the correct amount of the disputed additional amount1 but only with respect to the computational elements described in paragraph 7#a74 ,no assessment1 levy1 or proceeding in court for collection of the disputed portion shall be made1 begun1 or prosecuted until the expiration of the applicable #ij-;day period1 or1 if a petition is timely filed1 until the decision of the ,tax ,court has become final under section #gdha of such ,code4 ,nothing in this paragraph shall be construed to limit the electing partnership's right to bring suit under section #gdbb of such code following disallowance of such claim4 7#e7 ,effect on election ,no election shall be void or otherwise impaired solely because the electing partnership exercises its rights under paragraph 7#c7 or 7#d74 ,the election shall remain in effect pending any administrative review1 ,tax ,court proceeding1 or refund claim or suit4 ,if any additional amount finally determined under paragraph 7#b71 7#c71 or 7#d7 is paid within #ij days after-- 7,a7 the ,secretary mails the notice described in paragraph 7#b71 if the electing partnership neither timely requests administrative review under paragraph 7#c7 nor timely files a petition under paragraph 7#d72 7,b7 the ,secretary mails the notice of final administrative determination described in paragraph 7#c71 if the electing partnership timely requests administrative review under paragraph 7#c7 but does not timely file a petition under paragraph 7#d72 or 7,c7 the decision of the ,tax ,court becomes final1 if the electing partnership timely files a petition under paragraph 7#d71 the election shall remain in effect at the corrected settlement amount1 and no further liability1 other than interest under section #ffja of the ,internal ,revenue ,code of #aihf on the additional amount from the last day of the election period1 shall arise from such adjustment4 7#f7 ,election void ,the election shall be void from the beginning only if an additional amount finally determined under paragraph 7#b71 7#c71 or 7#d7 is not paid within the applicable period specified in paragraph 7#e74 7#g7 ,effect of voided election ,if an election becomes void under paragraph 7#f71 any amounts previously remitted shall be treated as a payment of tax and applied against any liability subsequently determined with respect to the eligible contribution4 7#h7 ,time limit ,the ,secretary may not provide notification under paragraph 7#b7 after the date that is #b years after the date the election becomes effective under subsection 7b77#f74 7i7 ,no inference2 preservation of other remedies ,nothing in this section shall be construed to create any inference regarding the proper tax treatment or fair market value of any eligible contribution for which an election is not made under this section4 ,nothing in this section shall limit or affect any penalty under section #ffid1 #ffie1 #fgjj1 #fgja1 or any other provision of the ,internal ,revenue ,code of #aihf applicable to any person other than the electing partnership or its partners4 #c4 ,contributing-building standard for certain qualified conservation contributions and certified historic structures 7a7 ,amendment to section #agj7;h77#d77;c7 ,section #agj7;h77#d77;,c7 is amended-- 7#a7 in clause 7ii71 by striking and is certified by the ,secretary of the ,interior to the ,secretary as being of historic significance to the district and inserting and is a contributing building2 and 7#b7 by inserting after clause 7ii7 the following flush language3 ,for purposes of clause 7ii71 the term contributing building means any building that-- 7,i7 is identified as contributing in the ,national ,register nomination for the district1 any amendment thereto1 or the official map1 inventory1 or other district documentation on file with1 or approved or accepted by1 the ,secretary of the ,interior1 or 7,,ii7 is certified by the ,secretary of the ,interior to the ,secretary as contributing to the historic significance of the district4 4 7b7 ,conforming amendment to section #dg7;c77#c77;a7 ,section #dg7;c77#c77;,a7 is amended-- 7#a7 in clause 7ii71 by striking and is certified by the ,secretary of the ,interior to the ,secretary as being of historic significance to the district and inserting and is a contributing building2 and 7#b7 by inserting after clause 7ii7 the following flush language3 ,for purposes of this paragraph1 the term contributing building means any building that-- 7,i7 is identified as contributing in the ,national ,register nomination for the district1 any amendment thereto1 or the official map1 inventory1 or other district documentation on file with1 or approved or accepted by1 the ,secretary of the ,interior1 or 7,,ii7 is certified by the ,secretary of the ,interior to the ,secretary as contributing to the historic significance of the district4 4 7c7 ,conforming amendment to section #dg7;c77#c77;b77ii77i7 ,section #dg7;c77#c77;,b77ii77,i7 is amended by striking buildings of historic significance to the district and inserting contributing buildings in the district4 7d7 ,effective dates 7#a7 ,section #agj amendment ,the amendments made by subsection 7a7 shall apply to contributions made in taxable years ending before1 on1 or after the date of enactment1 but only with respect to-- 7,a7 any taxable year for which the period for assessment under section #feja has not expired as of such date2 7,b7 any taxable year for which a claim for credit or refund may be filed under section #feaa as of such date2 7,c7 any taxable year to which a deduction attributable to such contribution is carried under section #agj7;d7 and for which the period described in subparagraph 7,a7 or 7,b7 remains open2 or 7,d7 any administrative or judicial proceeding with respect to such contribution that is pending and not final as of such date4 7#b7 ,section #dg conforming amendments ,the amendments made by subsections 7b7 and 7c7 shall apply to taxable years beginning after the date of enactment4 7#c7 ,no inference ,no inference shall be drawn with respect to any taxable year or proceeding closed by operation of law4