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(c) Period of limitations.--The period of
limitations for assessment of any such liability of a
transferee or a fiduciary shall be as follows:
(1) Initial transferee.--In the case of
the liability of an initial transferee,
within 1 year after the expiration of the
period of limitation for assessment against
the transferor.
The FPAA was sent to the decedent and the tax matters
partner of EXOCO on March 26, 1986. The tax matters partner
filed a petition with this Court on June 20, 1986. The decision
of this Court was entered pursuant to a settlement among the
parties to the action on April 30, 1992, and became final 90 days
later. An assessment in the amount of $18,247 was made against
the decedent on February 15, 1993. The statutory notice of
transferee liability for the assessed amount plus interest was
mailed to petitioner on July 22, 1994. The assessment is not
time barred, nor is petitioner's liability as transferee.
Petitioner has advanced other arguments with regard to the
partnership item. She contends, for example, that she was
precluded by the absence of notice from negotiating a settlement
offered to other partners. The assessment, however, was made
based on the decision entered pursuant to the settlement reached
in the partnership proceeding. Other arguments related to the
decedent's investment in EXOCO cannot be addressed in this
proceeding for reasons set forth above.
Transferee Liability
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Last modified: May 25, 2011