The Fourth Circuit Court of Appeals joins two other circuits holding that the 6 year statute of limitations does not apply to an overstatement of basis.
Read the opinion here:
Home Concrete & Supply v. United States, No. 09-2353 (4th Cir. February 7, 2011)
The Seventh Circuit Court of Appeals overturns the Tax Court holding that a taxpayer’s overstatement of basis in a Son of Boss tax shelter is an omission of income under ยง 6501(e) triggering the six year statute of limitations.
For commentary on the implications of this opinion visit Tax Appellate Blog.
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Beard v. Commissioner, No. 09-3741 (7th Cir. Jan. 26 2011)
The Third Circuit Court of Appeals reversed the Tax Court on the validity of Treas. Reg. 1.6015-5(b)(1) which establishes a two year statute of limitations for innocent spouse relief under IRC Sec. 6015(f). The Court of Appeals remanded to the Tax Court for a finding on the petitioner’s argument for an equitable tolling of the statute.
For more on this question, see the Lantz opinion out of the Seventh Circuit.
Mannella v. Commissioner, No. 10-1308 (3rd Cir. Jan. 19, 2011)
