Home Concrete Decision Offers Limited Guidance  

Oleh:

VanDenburgh, William M. ; Hamilton, Arthur J.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 215 no. 3 (Mar. 2013), page 58-62.
Topik: Supreme Court Decisions; Statutes of Limitations; Tax Shelters; Gross Income; Capital Gains

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.34 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The 5-4 decision in Home Concrete & Supply, LLC, 132 S. Ct. 1836 (2012), reaffirmed the Court's 1958 precedent in Colony, Inc., 357 U.S. 28(1958), holding that a taxpayer who understates income by more than 25% on a tax return because of an overstatement of the basis of property in a sale of the property reported on the return is subject to the normal three-year statute of limitation, not the six-year period under Sec. 6501(e)(1)(A) for a substantial omission from gross income. From a taxpayer's and tax professional's perspective, the decision underscores the general rule that the IRS must raise most tax issues in such cases within three years after a tax return is properly filed (or due, if later). Now that the Supreme Court has held the three-year statute of limitation applies to an understatement of gross income caused by an overstatement of the basis of property sold, one can only wonder if the IRS will adopt a new avenue of attack on son-of-boss tax schemes.

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