A bill to revise the basis for issuing notices of deficiency and determining the judicial review of "oil item" issues under the Crude Oil Windfall Profit Tax Act of 1980.

Amends the Internal Revenue Code to provide that the issuance of notices of tax due with respect to a single oil-producing property in any given year does not preclude the issuance of a notice of deficiency with respect to other oil-producing properties of the same taxpayer.

Provides that an "oil item" issue under the Crude Oil Windfall Profit Tax Act of 1980 shall be treated as a "partnership item" for purposes of applying the judicial review procedures.