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Home / Opinion Digests / Business Law / IRS Can’t Extend Limitations Period (access required)

IRS Can’t Extend Limitations Period (access required)

Taxpayers, including appellant company and a businessman who sold his interest in the company, win their appeal of an IRS assessment for an additional $1 million tax payment; the 4th Circuit says the company’s overstated basis in short sale proceeds did not trigger the six-year statute of limitations to allow for an additional tax assessment ...