Woods v. Commissioner
United States Tax Court
P and R executed a Form 872-A consent to extend the period for making assessments intending that the consent apply only to assessments arising out of a specific subchapter S corporation P had invested in. The restrictive language of the written consent mistakenly referred to a corporation that P had not invested in and which was not the basis of R's deficiency determination. Held: The Form 872-A was not ambiguous, it contained a mutual mistake.
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P and R executed a Form 872-A consent to extend the period for making assessments intending that the consent apply only to assessments arising out of a specific subchapter S corporation P had invested in. The restrictive language of the written consent mistakenly referred to a corporation that P had not invested in and which was not the basis of R's deficiency determination. Held: The Form 872-A was not ambiguous, it contained a mutual mistake. Applying equitable principles, the Form 872-A may be reformed to conform with the parties' actual agreement. The statute of limitations does not bar…
1Opinion of the Court
S. Dwight Woods and Marilyn Woods, Petitioners v. Commissioner of Internal Revenue, Respondent
Woods v. Commissioner
Docket No. 35566-86
United States Tax Court
92 T.C. 776; 1989 U.S. Tax Ct. LEXIS 50; 92 T.C. No. 45;
April 11, 1989. April 11, 1989, Filed
Decision will be entered for the respondent.
P and R executed a Form 872-A consent to extend the period for making assessments intending that the consent apply only to assessments arising out of a specific subchapter S corporation P had invested in. The restrictive language of the written consent mistakenly referred to a corporation that P had not…
2Cases cited45 opinions
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Commissioner v. Gooch Milling & Elevator Co.Supreme Court of the United States · 1944
- Harold M. Reynolds v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1988
- Danielson v. CommissionerUnited States Tax Court · 1965
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
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