Tax Court invalidates temporary partnership basis regulations

05/10/2010 |

The Tax Court held that temporary regulations the Internal Revenue Service issued last year, under which an overstatement of partnership basis would amount to an understatement of gross income, were invalid. The regulations, which the IRS issued after losing the first round of litigation in the case, would have allowed the IRS to apply a six-year (instead of three-year) statute of limitation to readjust partnership items in the case.

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