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ARTICLE · 26 APRIL 2012

Supreme Court Decision Alert - April 25, 2012

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The Royal Court in Jersey has recently provided guidance to trustees on their duty to disclose to their successors. The Supreme Court held today in United States v. Home Concrete & Supply, LLC, No. 11-139, that an overstatement of the taxpayer’s basis in a partnership interest, which thereby limits the capital gains tax on a sale of that interest, is not an "om[ission] from gross income" under 26 U.S.C. § 6501(e)(1)(A).

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published April 25, 2012

Keywords: taxation, statue of limitations, capital gains, statute of limitations

Today the Supreme Court issued one decision, described below, of interest to the business community.

Taxation—Statute of Limitations

United States v. Home Concrete & Supply, LLC, No. 11-139 (previously discussed in the September 27, 2011 Docket Report).

The Supreme Court held today in United States v. Home Concrete & Supply, LLC, No. 11-139, that an overstatement of the taxpayer's basis in a partnership interest, which thereby limits the capital gains tax on a sale of that interest, is not an "om[ission] from gross income" under 26 U.S.C. § 6501(e)(1)(A). The overstatement is therefore subject to the ordinary three-year statute of limitations for tax deficiencies, 26 U.S.C. 6501(a), rather than the special six-year limitations period that applies to certain omissions under Section 6501(e)(1)(A). 

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