Robert E. Wadlow and Connie V. Wadlow - Page 12
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period for overpayments. Section 6511(c)(2) provides that a
credit or refund may be allowed within 6 months after expiration
of the period within which an assessment may be made, when, as
here, no claim was filed but the period of assessment was
extended by agreement (in this case by operation of law, which we
construe as the equivalent of such an agreement).
Section 183(e)(4) substantially expands, in the somewhat
complex manner delineated above, the period for assessing any
deficiency attributable to an activity in the circumstances
described. Nevertheless, we hold for the sake of consistent
treatment that petitioners' right to an allowance of overpayments
in connection with their section 183 election be at least
coterminous with respondent's authority to make an assessment
under section 183(e)(4).
For the above reasons, we determine that there is an
overpayment of petitioners' Federal income tax for 1991 and 1992
in the amount of $322 for each respective year, and we hold that
such overpayments are not barred by the period of limitations on
credits or refunds.
Decision will be entered
under Rule 155.
Reviewed by the Court.
COHEN, CHABOT, PARR, BEGHE, CHIECHI, FOLEY, VASQUEZ, and
GALE, JJ., agree with this majority opinion.
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