Thursday, September 29, 2005
Burgess J.W. Raby & William L. Raby have published Partnerships, Partners, and Statutes of Limitations, also available on the Tax Analysts web site as Doc 2005-19865, 2005 TNT 188-7. Here is the Introduction:
Taxpayers and tax practitioners both know that the "normal" statute of limitations for the IRS to assess a deficiency runs in three years. However, taxpayers may be only vaguely aware that some passthrough entities are treated differently from others for tax deficiency and statute of limitations purpose. Even tax practitioners may only dimly realize that partners in TEFRA partnerships may face added taxes on their partnership items even after the statute of limitations has run on all other items on their returns. How a partnership's statute of limitations interacts with its members' statute of limitations is the subject of AD Global Fund LLC v. United States, No. 04-336T, Doc 2005-19250, 2005 TNT 182- 10 (Fed. Cl. 2005), and of this article.