LexisNexis® Legal Newsroom
Beard v. Comm'r, 2011 U.S. App. LEXIS 1575 (7th Cir. 2011)

On January 26, 2011, the Seventh Circuit ruled as valid the Service's application of the six-year statute of limitations, rather than the standard three-year period, to a Son-of-BOSS (Bond and Option Sales Strategy) transaction and the overstatement on a tax return of basis related to the transaction...

Beard v. Comm'r, 2011 U.S. App. LEXIS 1575 (7th Cir. 2011)

On January 26, 2011, the Seventh Circuit ruled as valid the Service's application of the six-year statute of limitations, rather than the standard three-year period, to a Son-of-BOSS (Bond and Option Sales Strategy) transaction and the overstatement on a tax return of basis related to the transaction...

2011 Decisions Impacting IRS Tax Return Investigations

Decisions in two Courts of Appeals in 2011 bear on defining what constitutes an omission from gross income on a submitted return and what limitations period applies to IRS return investigations. Analyses by the Fourth and Seventh Circuits turned in different ways on principles enunciated in COLONY, INC...

SCOTUS Oral Argument: Does Overstated Basis = Omission from Gross Income?

Editor's Note: View blog discussion on this site of, and hyperlink to, the January 17th oral arguments before the Supreme Court : SCOTUS Showdown: Oral Arguments Heard in Home Concrete Case ... For some time now, the tax bar has been wringing its hands with frustration over when, and under what...

The Supreme Court's Decision in Home Concrete

By Kimberly Stanley, J.D., LL.M. * In Mayo Found. for Med. Educ. & Research v. United States , 131 S. Ct. 704 (U.S. 2011) , the U.S. Supreme Court addressed a narrow tax issue involving medical residents and Social Security tax on wages. The issue was part of a larger discussionregarding the validity...

The Supreme Court's Decision in Home Concrete

By Kimberly Stanley, J.D., LL.M. * In Mayo Found. for Med. Educ. & Research v. United States , 131 S. Ct. 704 (U.S. 2011) , the U.S. Supreme Court addressed a narrow tax issue involving medical residents and Social Security tax on wages. The issue was part of a larger discussionregarding the validity...