First Chicago Corporation v. Commissioner of Internal Revenue

This appeal involves the question whether the Commissioner’s assessment of a deficiency in income taxes of First Chicago Corporation for 1972 was barred by the 8-year statute of limitations contained in Section 6501(a) of the Internal Revenue Code, as the full Tax Court held in an 8 to 5 decision reported in 80 T.C. 648 (1983). We hold that the statute of limitations was not a bar because the exceptions in Sections 6501(h) and 6501(j) apply. 1

The taxable years involved are 1972 and 1974. Taxpayer filed its income tax return for 1972 on May 17, 1973, and for 1974 on June 13, 1975. On June 2,…