To resolve conflicts among no less than six circuit courts of appeal, the Supreme Court next year will decide if an overstatement in basis can create an understatement of income of more than 25% so as to trigger a six year statute of limitations on assessment. Resolution of this issue will clarify if the Supreme Court’s decision earlier this year in Mayo permits regulations to be issued during the pendency of litigation that will reverse an over 50 year old decision of the Supreme Court.
The litigation also calls into question whether temporary regulations promulgated without the benefit of public comment as required by the Administrative Procedures Act are binding on taxpayers and courts. Finally, this issue offers policy makers the opportunity to evaluate the appropriate balance between the judicial and executive branches of government to interpret statutes.
The webinar will review the legislative history of the six year statute of limitations, analyze the court cases interpreting it to date and suggest options the Supreme Court and ultimately Congress have to resolve whether regulations may always overturn prior court decisions.
Upon completion of this program, participants will be able to:
Prerequisite: NoneLevel: Intermediate to AdvancedDelivery Method: Group LiveRecommended CPE Credit: 1 credit
Kim Marie Boylan, White & Chase, Don Williamson, American University and Blair Staley, Bloomsberg University of Pennsylvania