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No formal act of termination of petitioner's waiver and
extension of the period of limitations with respect to 1977, as
specified in the Form 872-A, occurred in this matter before the
issuance of respondent's statutory notice of deficiency to
petitioner and his ex-wife on July 9, 1992.
OPINION
Generally, the Commissioner must assess any deficiency
within 3 years of the filing of a return. Sec. 6501(a). A
taxpayer and the Commissioner can agree to extend the assessment
deadline if they memorialize their agreement in writing prior to
the expiration of the original assessment period. Sec.
6501(c)(4).
In the instant case, the parties executed a Form 872-A
extending the period of limitations for the assessment and
collection of tax for the 1977 taxable year for an indefinite
time. Under the clear terms of the agreement, as set forth in
our findings, this extension could be terminated unilaterally by
either party's executing and mailing a Form 872-T, or by
respondent's mailing of a statutory notice of deficiency to
petitioner. Although a Form 872-T was not submitted in this
case, petitioner nevertheless argues that respondent is equitably
estopped from relying on the Form 872-A as an indefinite
extension of the period of limitations. Respondent argues that
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