POSTED: Wednesday, January 26th, 2011 at 2:41 pm

BY: WISCONSIN LAW JOURNAL STAFF

Tax Income tax; statute of limitations An overstatement of basis can be treated as an omission from gross income, triggering a six-year statute of limitations. “[A] plain reading of Section 6501(e)(1)(A) would include an inflation of basis as an omission of gross income in non-trade or business situations. See Regions Hospital v. Shalala, 522 U.S. [...]