Supreme Court of the United States
United States v. Home Concrete & Supply, LLC
April 25, 2012566 U.S. 478
Summary
The Court held that IRC §6501(e)(1)(A) does not extend the statute of limitations to six years when a taxpayer overstates the basis of property sold, following Colony, Inc. v. Commissioner. The Court rejected the Government’s argument that a later Treasury Regulation could override Colony under Chevron and Brand X. Justice Kennedy, dissenting, argued that statutory revisions left room for agency deference.
Holding
- Whether IRC §6501(e)(1)(A) extends the statute of limitations to six years when a taxpayer overstates the basis of property sold.. Section 6501(e)(1)(A) does not apply to an overstatement of basis.
Docket 11-139
Cited authorities
- 26 U.S.C. § 111
- 26 U.S.C. §275
- 26 U.S.C. §§22
- 26 U.S.C. §§61
- 26 U.S.C. § 1012
- 26 C.F.R. §301.6501
- 26 U.S.C. §275
- 26 U.S.C. §6501
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