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and of no legal force or effect.
From February 25, 1982, through June 9, 2000, the date the
stipulation herein was filed, the estate was under the jurisdiction
of the Polk County Circuit Court, Probate Division. On December 22,
1997, respondent sent a notice of transferee liability to
petitioner.
Discussion
As stated supra, petitioner has conceded that he is liable as
transferee of the assets of the estate in the amount of $1,118,621,
unless the statute of limitations (or alternatively, the doctrine
of laches) bars respondent from assessment and collection of the
$1,118,621 transferee liability against petitioner. Respondent
maintains that neither the statute of limitations nor the doctrine
of laches precludes assessment and collection of petitioner’s
transferee liability. Petitioner disagrees.
We first address the statute of limitations issue. Pursuant
to section 6501(a), the Commissioner has 3 years after an estate
files its return in which to assess the tax or commence a court
proceeding without assessment for the collection of the tax. With
respect to the case before us, the period of limitations for
assessment would have expired on September 21, 1985, 3 years after
September 21, 1982, the date the estate return was filed. However,
on August 26, 1985, respondent mailed a notice of deficiency to the
estate; on November 21, 1985, the estate timely filed a petition
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