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From: Justia Daily Opinion Summaries <notifications@justia.info>
Date: April 26, 2012 9:00:48 AM EDT
To: Victor Cuvo <vacuvo@yahoo.com>
Subject: U.S. Supreme Court Summaries for April 26, 2012
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Daily Opinion Summaries
U.S. Supreme Court
Summaries for April 26, 2012
- United States v. Home Concrete & Supply, LLC
Real Estate & Property Law, Tax Law
Receive this and other FREE daily opinion summaries from Justia United States v. Home Concrete & Supply, LLC
Docket: 11-139 Opinion Date: April 25, 2012 Judge: Breyer
Areas of Law: Real Estate & Property Law, Tax Law
Ordinarily, the Government must assess a deficiency against a taxpayer within "3 years after the return was filed." 26 U.S.C. 6501(a). The 3-year period was extended to 6 years, however, when a taxpayer "omits from gross income an amount properly includible therein which is in excess of 25 percent of the amount of gross income stated in the return." Section 6501(e)(1)(A). At issue was whether this latter provision applied when the taxpayer overstated his basis in property that he has sold, thereby understating the gain that he received from the sale. Following Colony, Inc. v. Commissioner, the Court held that the provision did not apply to an overstatement of basis. Therefore, the 6-year period did not apply. Accordingly, the Court affirmed the judgment of the Fourth Circuit.
http://j.st/det 
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