Academic journal article Journal of Accountancy

IRS Not Limited to Three Years for FPAA

Academic journal article Journal of Accountancy

IRS Not Limited to Three Years for FPAA

Article excerpt

The Fifth Circuit held that IRC [section] 6229(a) sets no deadline by which the IRS must issue an FPAA (final partnership administrative adjustment). Its interpretation of the relationship between the limitations period in sections 6501(a) and 6229(a) mirrors that of the Tax Court, the D.C. Circuit and the Federal Circuit (see Rhone-Poulenc Surfactants & Specialties LP v. Commissioner, 114 TC 533; Andantech LLC v. Commissioner, 331 E3d 972 (D.C. Cir. 2003); and AD Global Fund LLC ex rel. N. Hills Holding Inc. v. U.S., 481 E3d 1351 (Fed. Cir. 2007)).

Curr-Spec Partners filed its 1999 Form 1065 on Oct. 11, 2000. More than four years later, on Oct. 13, 2004, the IRS issued an FPAA claiming the partnership was a sham, disallowing all income, deductions, gains and losses; treating partnership transactions as individual partner transactions; and assigning no basis for partnership interests. Curr-Spec argued section 6229(a) sets an independent three-year statute of limitations for assessing tax attributable to partnership items. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.