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CHABOT, and FOLEY, JJ., concurring: We agree with the
majority opinion, and write separately to emphasize that section
183(e)(4) extends the period for assessing a deficiency, but it
does not provide an independent basis for extending the
limitation period for overpayments. Nevertheless, the period of
limitation for overpayments is extended because a section
183(e)(4) election meets the requirements of a section 6501(c)(4)
agreement.
I. Statutory Requirements of Section 6501(c)(4) Are Met.
The basic issue before us is whether petitioners' claim for
refund was timely. This Court pursuant to section 6512(b)(1) has
jurisdiction to determine the existence and amount of any
overpayment of tax. Section 6512(b)(3)(B) prohibits this Court
from awarding a refund unless we determine that petitioners'
claim was timely under section 6511.
Section 6511(c) provides that the normal period of
limitation for filing a claim for refund may be extended if there
is "an agreement under the provisions of section 6501(c)(4)
extending the period for assessment of a tax". Section 6501
provides rules that limit assessment and collection.1 More
1 Sec. 6501 provides, in pertinent part, as follows:
SEC. 6501. LIMITATIONS ON ASSESSMENT AND COLLECTION.
(a) General Rule.--Except as otherwise provided in this
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