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The Fifth Circuit finds that an overstatement of basis which resulted from taxpayers' use of a Son-of-BOSS tax shelter does not constitute an omission from gross income for the purposes of Internal Revenue Code Section 6501(e)(1)(A), which extends the tax assessment period from three to six years. The Fifth Circuit is the third federal circuit to address the issue in recent weeks, with the Fourth Circuit ruling that the extended limitations period does not apply to an overstatement of basis that resulted in omission of more than 25 percent of gross income and the Seventh Circuit ruling that a similar overstatement of basis triggered the six-year limitations period.
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