Income taxes: partnerships: audit adjustments: elections.

Existing law requires a partnership, if any item required to be shown on a federal partnership return is changed or corrected by the Commissioner of Internal Revenue or other officer of the United States or other competent authority, and the partnership is issued an adjustment under federal income tax law or made a federal election for alternative to payment with the Internal Revenue Service as part of a partnership level audit, to report each change or correction to the Franchise Tax Board for the reviewed year within 6 months after the date of each final federal determination, and requires the report of adjustments to be sufficiently detailed to allow computation of the California tax…