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Tax Law Roundup current law developments in U.S. taxation

Category Archives: Statute of Limitations

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Supreme Court Rules Against IRS in Statute of Limitation Case

Posted in General, Litigation/Controversy, Procedure, Statute of Limitations

In a much-anticipated decision, the U.S. Supreme Court voted 5-4 against the IRS and held that the three-year and not six-year statute of limitations applied to a so-called Son of BOSS tax shelter in U.S. vs. Home Concrete & Supply LLC.   This is the culmination of a series of split appeals court decisions on… Continue Reading

D.C. Circuit Defers to IRS Regulations and Applies Six-Year Statute Of Limitations

Posted in Litigation/Controversy, Statute of Limitations

In the most recent of a series of appellate decisions, the D.C. Circuit in Intermountain Insurance, held in favor of the IRS by applying a six-year statute of limitations period as a result of an overstated partnership tax basis. In 2010, the IRS issued regulations treating over-stated tax basis as an understatement of gross income,… Continue Reading

10th Circuit Defers to IRS Regulations and Applies Six-Year Statute Of Limitations

Posted in Statute of Limitations

In the most recent of a series of appellate decisions, the Tenth Circuit in Salman Ranch, has held in favor of the IRS by applying a six-year statute of limitations period as a result of an overstated partnership tax basis. In 2010, the IRS issued regulations treating over-stated tax basis as an understatement of gross… Continue Reading

7th Circuit Sides with IRS on 6-Year Statute of Limitations

Posted in Statute of Limitations

In a highly watched case, the Seventh Circuit Court of Appeals reversed a Tax Court decision and held that overstated tax basis is equivalent to an omission of gross income, causing the longer six-year statute of limitations to apply. The court held that the prior taxpayer-favorable Colony case did not apply in light of subsequent… Continue Reading