Tax Treatment of Partnership Items Act of 1982

[AI summary unavailable — showing source text] Tax Treatment of Partnership Items Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of partnership items. States that such treatment shall be determined at the partnership level. Requires that an individual partner treat a partnership item the same way the item is treated on the partnership's tax return. Requires a partner to notify the Secretary of the Treasury of any inconsistent treatment of a partnership item. Provides that a failure to notify the Secretary will result in a computational adjustment to make the treatment of partnership items consistent. Requires the Secretary to notify partners individually of the beginning of an administrative proceeding at the partnership level and of the final administrative adjustment resulting from such proceeding. Provides that such notice requirement shall not apply to partnerships with more than 100 partners and to individual partners with less than one percent interest in the partnership profits. Requires the Secretary to give notice to a "notice group" of partners having an aggregate interest of five percent or more in the partnership. Specifies that if the Secretary fails to give notice to a partner, the part…