Sec. 2005. CLARIFICATION OF 6-YEAR STATUTE OF LIMITATIONS IN CASE OF OVERSTATEMENT OF BASIS
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## SEC. 2005 CLARIFICATION OF 6-YEAR STATUTE OF LIMITATIONS IN CASE OF OVERSTATEMENT OF BASIS ###
(a)In general **[**[26 U.S.C. 6501](/us/usc/t26/s6501)**]** Section 6501(e)(1)(B) of the Internal Revenue Code of 1986 is amended— ####
(1)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: > > ###### “(ii) > > An understatement of gross income by reason of an overstatement of unrecovered cost or other basis is an omission from gross income; and” > , and ####
(2)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”. ###
(b)Effective Date **[**[26 U.S.C. 6501 note](/us/usc/t26/s6501)**]** The amendments made by this section shall apply to— ####
(1)returns filed after the date of the enactment of this Act, and ####
(2)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.
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Sec. 2005
CLARIFICATION OF 6-YEAR STATUTE OF LIMITATIONS IN CASE OF OVERSTATEMENT OF BASIS
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