Swarens v. Department of Revenue

CARL N. BYERS, Judge.

Plaintiff appeals from defendant’s Opinion and Order No. 91-0925 upholding an assessment of additional income taxes for 1981. Plaintiff contends the assessment is barred by the statute of limitations. The parties stipulated the relevant facts.

FACTS

Plaintiff was a partner in a partnership investing in tax shelters beginning in 1979. Those investments resulted in large ordinary losses which plaintiff claimed in 1979, 1980 and 1981. He also reported large long-term capital gains in 1981 and 1982. The Internal Revenue Service (IRS) determined that the tax shelters were shams…