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material fact and that petitioner is entitled to partial summary
judgment as a matter of law. The chain of consents to extend the
statutory period of limitations was broken. Thus, we hold that
the period of limitations for 1985 and 1986 expired, at the
latest, on December 31, 1992 (the date of extension on the Form
872 signed in 1991). Since the notice of deficiency was mailed
to petitioners on September 19, 1994, the statutory period of
limitations has expired for each of the tax years 1985 and 1986,
unless the underpayment of tax was due to fraud.
To reflect the foregoing,
An order granting petitioner's
motion for partial summary judgment
will be issued.
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