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BEARD v. COMMISSIONER OF INTERNAL REVENUE

No. 09-3741.

633 F.3d 616 (2011)

Kenneth H. BEARD and Susan W. Beard, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided January 26, 2011.

Attorney(s) appearing for the Case

Robert E. McKenzie (argued), Attorney, Arnstein & Lehr LLP, Chicago, IL, for Petitioners-Appellees.

Michael J. Haungs , Attorney, Department of Justice, Civil Division, Immigration Litigation, Washington, DC, Joan I. Oppenheimer (argued), Attorney, Department of Justice, Tax Division, Appellate Section, Washington, DC, Gilbert S. Rothenberg , Deputy Assistant Attorney General, Department of Justice, Office of the Attorney General, Washington, DC, for Respondent-Appellant.

Before ROVNER, EVANS, and WILLIAMS, Circuit Judges.

EVANS, Circuit Judge.

This case presents the seemingly simple question of whether an overstatement of basis in ownership interests is an omission of income under the Internal Revenue Code Section 6501(e)1, thereby triggering a six-year, rather than the standard three-year, statute of limitations. But things are not always as they appear—the answer to the seemingly simple question requires a rather lengthy discussion of a case decided...

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