- 87 -
If we were to allow an increase in the overpayment in our
case, we would not breach the bar of the statute of limitations
in the way the District Court would be doing if it allowed the
Government to recover the balance of the deficiency in my
hypothetical. The Government is already indebted to the taxpayer
in our case for the amount of the unclaimed previously taxed
property credit of more than $1 million ($1,152,649), and,
because the Government has conceded that amount in the statutory
notice, there's no statutory bar on the taxpayer's recovering it
as an overpayment in this case.
If this Court had upheld in full the estate's reporting
position on the value of the shares at $1,505 per share, we would
have jurisdiction to determine an overpayment in the full amount
of $1,152,649, and to enter a decision in favor of the taxpayer
in that amount. There is and would be no statute of limitations
bar to our determining an overpayment in that full amount. All
I'm proposing that we do now is reduce the smaller deficiency
that arises from valuing the shares at $1,700 per share by the
amount of the recoupment in order to compute the amount of the
reduction of the overpayment that the taxpayer is already
otherwise entitled to, and that's already in the picture as part
of this case. To do so would not impair the sovereign immunity
bar of the statute of limitations.
Page: Previous 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 NextLast modified: May 25, 2011