- 4 - issuance of the notice of deficiency did respondent or petitioner, or anyone acting on petitioner's behalf, terminate the Form 872-A agreements by mailing to or filing with the other party a Form 872-T, Notice of Termination of Special Consent to Extend the Time to Assess Tax. Petitioner timely filed a petition to this Court for redetermination of the deficiency, affirmatively pleading that the periods of assessment of the taxes for 1980 and 1981 had expired and alleging error in respondent's determinations that disallowed the deductions related to his investment in the limited partnership.3 Discussion Petitioner asserts that the Form 872-A extension agreements terminated by operation of law within a reasonable time after execution, and, therefore, assessment of the taxes for 1980 and 1981 is barred by the statute of limitations.4 Respondent 3All items in the notice of deficiency have been resolved in accordance with the Court's disposition of the issues in Krause v. Commissioner, 99 T.C. 132 (1992), affd. sub nom. Hildebrand v. Commissioner, 28 F.3d 1024 (10th Cir. 1994), the test case in the Elektra/Hemisphere group of Tax Court cases. See also Acierno v. Commissioner, T.C. Memo. 1997-441, affd. without published opinion 185 F.3d 861 (3d Cir. 1999); Karlsson v. Commissioner, T.C. Memo. 1997-432, and Vanderschraaf v. Commissioner, T.C. Memo. 1997-306, affd. without published opinion 211 F.3d 1276 (9th Cir. 2000), which also involved tax shelter limited partnerships and which resolved the issues in a manner consistent with Krause v. Commissioner, supra. 4Specifically, petitioner contends that the Form 872-A (continued...)Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011