- 14 - refer to interest imposed by this section on such tax”), while no similar provision covers overpayment interest. Under section 6511(a) a 3-year limitation period applies to a refund of an “overpayment of any tax,” while a refund of overpayment interest is governed by the general 6-year period of limitation applicable to claims against the Government. 28 U.S.C. secs. 2401, 2501. Gen. Instrument Corp. v. United States, 33 Fed. Cl. 4, 6 (1995). Under section 6402(a) an overpayment “including any interest allowed thereon” may be credited against a taxpayer’s other tax liabilities. Prior to 1954, however, the predecessor to section 6402(a) referred only to “overpayment”, and it was understood that the statutory language did not allow the crediting of overpayment interest. See S. Rept. 1622, 83d Cong., 2d Sess. 5230 (1954) (“This section * * * changes existing law so as to permit expressly the crediting of interest on an overpayment against any outstanding liability for any tax.”). Prior to 1997, under section 6512(b)(1) this Court’s jurisdiction with respect to an “overpayment” was held not to include overpayment interest. Harrison v. Commissioner, T.C. Memo. 1994-614. In 1997, section 7481(c) was amended to permit us to exercise jurisdiction over some overpayment interest. In Rev. Proc. 87-43, 1987-2 C.B. 590, respondent took the position that section 6601(c) (which at that time suspended thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011