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B. Period of Limitations
Respondent argues that the notice of deficiency was timely
issued within the period stated in the Form 872-A executed by the
Greenfields. As respondent sees it, that form allowed respondent
to assess the disputed amounts given the absence of a Form 872-T.
Petitioners argue that the Form 872-A signed by the Greenfields
extended the period of limitations only through November 18,
1992, which is 60 days after the filing of Mr. Greenfield’s
bankruptcy petition.2 To this end, petitioners assert, the Form
872-A is an executory contract and not, as asserted by
respondent, their unilateral waiver of the original
3-year period.
By its terms, the Form 872-A signed by the Greenfields
extended the period of limitations to a date on or before the
90th day after:
(a) the Internal Revenue Service office considering the
case receives Form 872-T, Notice of Termination of
Special Consent to Extend the Time to Assess Tax, from
the taxpayer(s); or
(b) the Internal Revenue Service mails Form 872-T to
the taxpayer(s); or
(c) the Internal Revenue Service mails a notice of
deficiency for such period(s); except that if a notice
of deficiency is sent to the taxpayer(s), the time for
assessing the tax for the period(s) stated in the
2Mr. Greenfield filed his bankruptcy petition on Sept. 19,
1992. Sixty days after this date is Nov. 18, 1992. While
petitioners assert erroneously in their brief that the 60th day
is Dec. 18, 1992, we understand them to be referring to Nov. 18,
1992.
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