Perspective
Mar. 10, 2011
U.S. Supreme Court Takes Up Issue of Basis Overstatement in Tax Returns
Is an overstatement of basis on a tax return an "omission of gross income?" By Bruce Givner and Owen Kaye of Givner & Kaye PC.
Normally, the Internal Revenue Service must assess any additional tax within three years after the taxpayer's income tax return is filed. Special rules apply, for example, the IRS can assess at any time when a return is false or fraudulent, or when no return is filed. Perhaps the most important special rule is the six year statute applicable if the taxpayer omits from his or her gross income an amount in excess of 25 percent of t...
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