Sec. 52103. Clarification of 6-year statute of limitations in case of overstatement of basis
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/bill/114/hr/22/eas/section-52103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(B)of section 6501(e)(1) of the Internal Revenue Code of 1986 is amended— by striking and at the end of clause (i), by redesignating clause
(ii)as clause (iii), and by inserting after clause
(i)the following new clause: An understatement of gross income by reason of an overstatement of unrecovered cost or other basis is an omission from gross income; and , by inserting (other than in the case of an overstatement of unrecovered cost or other basis) in clause
(iii)(as so redesignated) after In determining the amount omitted from gross income , and by inserting after amount omitted from in the heading thereof. Determination of The amendments made by this section shall apply to— returns filed after the date of the enactment of this Act, and returns filed on or before such date if the period specified in section 6501 of the Internal Revenue Code of 1986 (determined without regard to such amendments) for assessment of the taxes with respect to which such return relates has not expired as of such date.