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the language or the rationale of Colony, Inc. can be limited to
the sale of goods or services by a trade or business. As
petitioners point out, the Supreme Court held that “omits” means
something “left out” and not something put in and overstated.
We apply the holding of Colony, Inc. v. Commissioner, supra,
to this case and conclude that the 6-year period of limitations
set forth in section 6501(e) does not apply. Thus, we need not
determine whether the amounts in dispute were disclosed on the
return in a manner adequate to apprise the Secretary of the
nature and amount of the omitted item.
Because of the stipulation that no other exception to the
normal 3-year period applies to any of the individual partners
and to reflect the foregoing,
An order and decision will be
entered granting petitioners’
motion for summary judgment and
denying respondent’s motion for
partial summary judgment.
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Last modified: November 10, 2007