United States Federal Circuit

In a dispute involving a Final Partnership Administrative Adjustment issued by the IRS, Court of Federal Claims judgment is reversed where the court erred in holding that the IRS was entitled to the benefit of the six-year statute of limitations under I.R.C. sec. 6501(e)(1)(A), as the alleged overstatement of the basis of the property in question by plaintiff did not constitute an omission from gross income under the statute. Accordingly, the three-year limitations period of the statute controls, and the Final Partnership Administrative Adjustment is untimely, and therefore invalid.

Appellate Information

• Decided 07/30/2009
• Published 07/30/2009

Judges

Court

• United States Federal Circuit

Counsel