Home Concrete & Supply, LLC, (Sup Ct4/25/2012) 109 AFTR 2d 2012-661 The Supreme Court, resolving a split among various Circuit Courts and the Tax Court, has determined that an overstatement of basis isn't an omission of gross income for purposes of Code Sec. 6501(e)(1)(A)'s 6-year limitations period. The Court found that the '58 Colony decision,…
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IRS Contemplates Guidance Clarifying Rescission Doctrine, Alexander Says
The Internal Revenue Service continues to contemplate the contents of a possible guidance project to assist taxpayers when applying the rescission doctrine after the Service ruled in January that it will no longer offer additional interpretations of the doctrine, IRS Associate Chief Counsel (Corporate) William D. Alexander said. Currently taxpayers have only a 32- year-old…
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Refund claim, filed by a Ponzi scheme victim, was modification of earlier one and therefore not untimely
In Chief Counsel Advice (CCA) 201216033, IRS has concluded that a Form 843 (Claim for Refund and Request for Abatement) filed by a Ponzi scheme victim was a permissible amendment to her timely filed Form 1040X rather than a new, untimely claim for refund for tax year 2003. Background.Code Sec. 6402 authorizes IRS to make…
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Supreme Court Tells IRS 3 Years To Audit Is PLENTY!
Forbes - Even the IRS has limits. If you’ve ever been audited by the IRS, you may think going back three years is bad enough. The tax code generally allows the IRS to audit three years back, and six in some cases. The U.S. Supreme Court in U.S. v. Home Concrete & Supply, LLChas dramatically…
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