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6501, the period of limitations for assessments against a taxpayer
is 3 years from the filing of the tax return.) Therefore, the
period of limitations for making an assessment against Jaussaud
Enterprises expired on March 5, 1996, and the Commissioner could
assess petitioner's transferee liability at any time up to March 5,
1997. The notice of transferee liability to petitioner from
respondent was dated August 2, 1996. Thus, pursuant to section
6901(c), respondent's notice of transferee liability to petitioner
was timely.
Section 3439.09 of the California Civil Code provides:
A cause of action with respect to a fraudulent
transfer or obligation under this chapter is extinguished
* * *:
(a) Under subdivision (a) of Section 3439.04,
within four years after the transfer was made or the
obligation was incurred or, if later, within one year
after the transfer or obligation was or could reasonably
have been discovered by the claimant.
(b) Under subdivision (b) of Section 3439.04 or
Section 3439.05, within four years after the transfer was
made or the obligation was incurred.
Petitioner asserts that the UFTA limitations period applies,
rather than the limitations period under section 6901(c), and
therefore the period of limitations for assessment against
petitioner expired prior to respondent's issuance of the notice of
transferee liability to petitioner. Petitioner further claims that
even if respondent did not originally know of the transfer,
respondent obtained such knowledge by September 1994, the date of
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