Gary F. and Helen Overstreet - Page 3

                                        - 3 -                                         
          identified Mr. Manley as the TMP.  On June 20, 1996, and on May             
          29, 1997, Mr. Manley executed a Form 872-P, Consent to Extend the           
          Time to Assess Tax Attributable to Items of a Partnership,                  
          relating to Finley, Kumble’s 1992 taxable year.  The June 20,               
          1996, form extended the time for assessment from September 21,              
          1996, to December 31, 1997, while the May 29, 1997, form extended           
          the assessment time to December 31, 1998.                                   
               On August 10, 1998, respondent issued a Notice of Final                
          Partnership Administrative Adjustment (FPAA) relating to                    
          cancellation of debt income received by Finley, Kumble in 1992.             
          Neither Mr. Manley, nor any of the notice partners, filed a                 
          petition challenging the FPAA.  Mr. Overstreet did not receive              
          notice of the partnership examination, the FPAA, or Mr. Manley’s            
          appointment as the TMP.  On January 6, 2000, respondent issued              
          and sent, by certified mail, an affected items notice of                    
          deficiency to petitioners, relating to Finley, Kumble’s                     
          cancellation of indebtedness income.                                        
               Petitioners contend that the limitations period for issuance           
          of the FPAA was not properly extended, and, therefore, the notice           
          of deficiency was time-barred.  Respondent contends the Court               
          does not have jurisdiction over whether the issuance of the FPAA            
          was timely because this case is not a partnership proceeding.  We           
          agree with respondent.                                                      

Page:  Previous  1  2  3  4  5  6  Next

Last modified: May 25, 2011