Editor's Note :

Editor's Note :

On Monday the court hears oral argument in Janus v. American Federation of State, County, and Municipal Employees, Council 31. Amy Howe has our preview.
On Monday the court also hears oral argument in Ohio v. American Express Co. Beth Farmer has our preview.

Briefly Mentioned :

Briefly Noted :

The Supreme Court has released its calendar for the April sitting. The justices will hear oral argument in Trump v. Hawaii, the latest challenge to the travel ban, on April 25.

United States v. Home Concrete & Supply, LLC

Docket No. Op. Below Argument Opinion Vote Author Term
11-139 4th Cir. Jan 17, 2012
Apr 25, 2012 5-4 Breyer OT 2011

Holding: Section 6501(e)(1)(A) of the Internal Revenue Code, which extends the limitations period for the government to assess a deficiency against a taxpayer, does not apply when a taxpayer overstates the basis in property that he has sold, thereby understating the gain received from the sale.

Plain English Summary: The tax law gives the Internal Revenue Service (IRS) only a limited amount of time, known as a statute of limitations, to challenge a taxpayer’s statement on his tax return of the amount of tax that he owes. Ordinarily, that period is three years, but the law provides that it is six years in certain circumstances where it is unusually difficult for the IRS to determine that it has a disagreement with the taxpayer’s approach. In this case, the Court considered whether a particular situation – where the taxpayer has overstated its original cost of a piece of property – falls within the three-year category or instead within the six-year category. Adhering to the interpretation of the same language in an old Supreme Court decision involving a slightly different law, the Court held that the three-year statute of limitations applies. The result is that it is too late for the IRS to contest the tax liability of a large group of taxpayers that participated in certain similar deals and, according to the IRS, did not properly report the tax consequences of those deals.

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