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HOME CONCRETE & SUPPLY, LLC v. U.S.

No. 09-2353.

634 F.3d 249 (2011)

HOME CONCRETE & SUPPLY, LLC; Robert L. Pierce; Stephen R. Chandler; Rebecca R. Chandler; Home Oil and Coal Company, Incorporated; Susanne D. Pierce, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. Bausch & Lomb, Inc., Amicus Supporting Appellants.

United States Court of Appeals, Fourth Circuit.

Decided: February 7, 2011.

Attorney(s) appearing for the Case

ARGUED: Richard Rice , Charles Mark Wiley , Womble Carlyle Sandridge & Rice, PLLC, Winston-Salem, North Carolina, for Appellants. Joan Iris Oppenheimer , United States Department of Justice, Washington, D.C., for Appellee. ON BRIEF: Robert T. Numbers, II , Womble Carlyle Sandridge & Rice, PLLC, Winston-Salem, North Carolina, for Appellants. John A. DiCicco , Acting Assistant Attorney General, Gilbert S. Rothenberg , Acting Deputy Assistant Attorney General, Michael J. Haungs , Tax Division, United States Department of Justice, Washington, D.C.; George E.B. Holding , United States Attorney, Raleigh, North Carolina, for Appellee. Roger J. Jones , Andrew R. Roberson , Latham & Watkins LLP, Chicago, Illinois; Kim Marie Boylan , Latham & Watkins, LLP, Washington, D.C., for Amicus Supporting Appellants.

Reversed by published opinion. Judge WYNN wrote the opinion, in which Judge WILKINSON and Judge GREGORY joined. Judge WILKINSON wrote a separate concurring opinion.

OPINION

WYNN, Circuit Judge:

In Colony, Inc. v. Commissioner of Internal Revenue, the United States Supreme Court held that an overstatement of basis in assets resulting in an understatement of reported gross income does not constitute an "omission" from gross income for purposes of extending the general three-year statute of limitations for tax assessments. 357 U.S. 28, 78 S.Ct. 1033, 2 L.Ed.2d 1119 (1958). Because...

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