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December 2012 » Does Basis Overstatement Trigger...
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Michael G. Stevens, JD, LLM, CPA
The U.S. Supreme Court has finally resolved a question that caused a remarkable split in the federal judiciary—whether an overstatement of basis should allow the iRS to extend the statute of limitations for assessment of tax from three years to six years. The short answer is no, as delivered in U.S. v. Home Concrete & Supply LLC (109 AFTR 2d 2012-1692 [2012]). This author previously reviewed the evolution of this issue in detail and described how a rapidly accelerating split in circuit court decisions led to the prediction that the Supreme Court would “step in and revisit this very thorny issue” (“Basis Overstatement Still Does Not Trigger Six-Year Limitations Period,” The CPA Journal, Mar. 2011, pp. 42–45).
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