Leading Tax Experts Review Path to Critical Supreme Court Decision in 2012

ARLINGTON, Va., Dec. 2, 2011 /PRNewswire-USNewswire/ -- To resolve conflicts among no less than six circuit courts of appeal, the Supreme Court will decide in 2012 if an overstatement in basis can create an understatement of income of more than 25% so as to trigger a six year statute of limitations on assessment.  Leading tax authorities will offer their own insights in a new BNA webinar, The Constitution, the Supreme Court and the Overstatement of Basis Constituting an Understatement of Income on December 5, 2012.

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The webinar will review the legislative history of the six year statute of limitations, analyze the court cases interpreting it to date and suggest options the Supreme Court and ultimately Congress have to resolve whether regulations may always overturn prior court decisions.

In 60-90 minutes, the presenters will explain:

• The 6 year statute under Section 275 (1939 Code) and Section 6501(e) with 2010 amendments
• Section 6229(c) with 2010 amendments
• The Colony decision
• Son-of-Boss cases that raise issue again
• Initial court opinions
  • Intermountain I (T.C. 2009)
  • Salman Ranch I (Fed. Cir. 2009)
  • Bakersfield (9th Cir. 2009) inviting IRS to promulgate regs.
• Regulatory response
  • 7805 effective date
  • Temp. regs. (Sept. 2009) final (Dec. 2010)
• Intermountain II (May 2010)
  • APA adherence issue
• Mayo (January 2011)
  • Chevron
• Brand X
• Circuit Court opinions
  • Pro-government - Beard (7th Cir.); Grapevine (Fed Cir); Salman Ranch II (10th Cir.); Intermountain (D.C. Cir.)
  • Pro-taxpayer - Burks (5th Cir.): Home Concrete (4th Cir.)
• Supreme Court grants cert. in Home Concrete (September 2011)

Upon completion of this program, participants will be able to:

• Understand the circumstance whereby a 6 year statute of limitation may apply to a taxpayer.
• Appreciate the issue of whether a Supreme Court case can be overruled by a subsequent IRS regulation.
• Understand the need for adherence to the APA procedures for temporary regulations.
• Appreciate that the resolution of this issue has enormous impact on the relationship of the executive and judicial branches of government.

About the Speakers

Kim Marie Boylan is a partner with the law firm of White & Case in Washington, D.C. where she specializes in tax controversy litigation.

Professor Donald Williamson is the Howard S. Dvorkin Faculty Fellow and Executive Director of the Kogod Tax Center at American University.

Dr. A. Blair Staley is an accounting professor in the College of Business, Bloomsburg University of Pennsylvania.

The Constitution, the Supreme Court and the Overstatement of Basis Constituting an Understatement of Income takes place December 5, 2011, from 12:30 P.M. – 2:00 P.M., (ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bna.com/constitution-supreme-court-w12884904348/?utm_source=newswire&utm_medium=PR&utm_content=TM&utm_campaign=Webinar-12052011 or (in the U.S.) call 800.372.1033, menu Option 6, then Option 1. The per site fee is $249.

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About BNA Tax & Accounting Webinars 
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

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