U.S. v. Home Concrete & Supply
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|Case Term||OT 2011|
|Question Presented||(1) Whether an understatement of gross income attributable to an overstatement of basis in sold property is an omi[ssion] from gross income that can trigger the extended six-year assessment period; and (2) whether a final regulation promulgated by the Department of the Treasury, which reflects the IRS's view that an understatement of gross income attributable to an overstatement of basis can trigger the extended six-year assessment period, is entitled to judicial deference.|
|Lower Court's Decision||1) No; and 2) No|
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Outcome - Affirm
This case was decided on 25 April, 2012.