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Thursday, May 30, 2013

Borden: Notable Partnership Tax Articles of 2012

Tax AnalystsBradley T. Borden (Brooklyn), Notable Partnership Tax Articles of 2012, 139 Tax Notes 639 (May 20, 2013):

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Interesting yet puzzling. As to the Afshar article on the limitations periods under sections 6229 and 6501, Borden states: "If this issue moves to the Supreme Court to resolve the split among circuit courts, Afshar’s compelling argument should be relevant to the Court’s decision."

Since there is no split among the federal circuit courts on the issue in question, this reader is at a loss to understand Borden's comment.

On the Afshar article itself, concerning the interplay between sections 6229 and 6501, why does the author claim that "it is unclear to partnerships as to when the Service is barred from making adjustments to their returns and assessing tax against their partners"? The plain truth is that the reported cases that address the interplay between sections 6229 and 6501, including Rhone-Poulenc, all involved abusive partnership tax shelters. In every case, the taxpayer easily could have resolved the imagined uncertainty over the statute of limitations by fully and timely disclosing the abusive partnership tax shelter to the IRS, rather than concealing the shelter at the outset, then later invoking a hypertechnical and flawed statutory interpretation for the sake of arguing the tax debt was time barred.

The point is that the supposed confusion over the interplay between sections 6229 and 6501 is a problem in search of an innocent victim. Based on the reported cases, there is none.

Posted by: Jake | May 30, 2013 6:53:49 PM