Taxing Lessons From Court Decisions

Statute of Limitations – Substantial Omission from Gross Income

Image Source: Deval Kulshrestha via Wikimedia Commons In the September 12, 2009 newsletter, Taxing Lessons featured T.C. Memo. 2009-195, Intermountain Insurance Service of Vail, LLC (click here to view the newsletter). The case covered the question of whether the standard three year statute of limitations for assessing tax applies to an overstatement of basis. In a new case (134 T.C. No.…

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