The ongoing controversy over whether a taxpayer’s overstatement of basis triggers a six-year statute of limitation period continues as the Fourth Circuit has held that the extended period does not ...

For the second time in a week, a federal circuit court of appeals has handed the IRS a defeat on the issue of whether an overstatement of basis amounts to an omission from gross income for purposes of ...

Inventory is an asset held by a business for sale, and it adds to the total capital of a business. The control of your inventory is an important aspect of managing the finances of a business.

In Home Concrete & Supply LLC v. United States, Supreme Court Docket No. 11-139 (April 25, 2012), the U.S. Supreme Court stepped in to resolve a hotly contested dispute as to whether an overstatement ...