A Four-Letter Word Causes The IRS Trouble

By Buck Buchanan Last summer, the Ninth Circuit Court of Appeals handed the IRS a defeat that the IRS did not take lightly.  The Ninth Circuit ruled that an overstated basis, no matter how large, is simply not omitted income.  See Bakersfield Energy Partners, LP v. Commissioner , 568 F.3d 767 (2009).  The key to … Continue reading A Four-Letter Word Causes The IRS Trouble