Highwood Partners v. Comm'r
United States Tax Court
R issued P a notice of final partnership administrative adjustment (FPAA) after expiration of the 3-year period of limitations under sec. 6501(a), I.R.C., with respect to the assessment of income tax of the partners. The FPAA determined overstatements of the bases of partnership interests and certain other assets.
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R issued P a notice of final partnership administrative adjustment (FPAA) after expiration of the 3-year period of limitations under sec. 6501(a), I.R.C., with respect to the assessment of income tax of the partners. The FPAA determined overstatements of the bases of partnership interests and certain other assets. R asserts that there was a substantial omission from gross income because the partnership and the partners failed to separately reflect the gain and loss from long and short options as required by sec. 988, I.R.C., and the 6-year period of limitations for a substantial omission from…
1Opinion of the Court
OPINION
Goeke, Judge:
This case is before the Court on the parties’ cross-motions for summary judgment pursuant to Rule 121.1 Petitioner filed a motion for summary judgment arguing that respondent failed to issue the FPAA before the expiration of the 3-year limitations period provided in section 6501(a). Respondent opposes petitioner’s motion and has filed a cross-motion for partial summary judgment arguing that the 6-year limitations period for a substantial omission of gross income in section 6501(e)(1) applies. The issues for decision are whether respondent is foreclosed by the explanations…
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