(defines omissions from gross income for purposes of the six-year statute of limitations period for assessing tax attributable to partnership items; regulation takes position that overstatement of basis results in omission of gross income and, as such, extends the statute of limitations for assessing tax or beginning court proceeding for collection of tax without assessment from 3 to 6 years; regulation is contrary to decisions of the Federal Circuit (Salman Ranch), the Ninth Circuit (Bakersfield Energy Partners, L.P.) and the Tax Court (Intermountain of Insurance Service of Vail, LLC, et al. v. Comr); regulation is consistent with Home Concrete & Supply, LLC v. United States, 599 F. Supp.2d 678 (E.D. N.C. 2008) and Brandon Ridge Partners v. United States (M.D. Fla. 2007), and Beard v. Comr., No. 09-3741 (7th Cir. Jan. 26, 2011); regulation entitled to deference even if in conflict with federal court opinions (see, e.g., Swallows Holding, Ltd. v. Comr., 515 F.3d 162 (3d Cir. 2008); regulation applies to all cases with respect to which the period for assessing tax under the applicable provisions has not expired before September 24, 2009).