The U.S. Supreme Court's holding in Colony, Inc. v. Commissioner of Internal Revenue, 357 U.S. 28 (1958), applies to I.R.C. section 6501(e)(1)(A), such that an overstated basis in property is not an omission from gross income that extends the limitations period in section 6501(e)(1)(A). Accordingly, taxpayers' overstated basis in short sale stock proceeds did not trigger the six-year statute of limitations.