Mitigation provisions apply only to income taxes.The Halls sought a refund of overpaid windfall profit taxes. Although the statute of limitations A type of federal or state law that restricts the time within which legal proceedings may be brought. Statutes of limitations, which date back to early Roman Law, are a fundamental part of European and U.S. law. for filing such a claim had expired, they argued the mitigation provisions-- IRC (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel. sections 1311 to 1314 ....applied to their claim. Under certain circumstances, the mitigation provisions can reopen an expired statute of limitations on refunds. Result: For the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. . The claim is time-barred. The 10th Circuit Court of Appeals ruled the mitigation provisions apply only to income taxes and not to the windfall profits tax A windfall profits tax is a tax on profits that ensue from a sudden windfall to a particular company or industry. United States In 1980, United States federal legislation was passed that levied such a tax on oil companies because of the profits they earned as a result of , which was an excise tax. (The windfall profits tax was repealed in 1988.) Regulations section 1.1311(a)-2 limits the statute to income taxes. In agreement are the Court of Claims (Evans Tr., 1972) and the Eastern District of Pennsylvania (Provident National Bank, 1981). However, one circuit court has said the mitigation provisions could apply to non-income taxes. (See Chertkoff, 4th Cir., 1982.) * Hall (lOth Cir., 1992). Edited by Anne Wagenbrenner, JD, LLM, editor, AICPA AICPA See American Institute of Certified Public Accountants (AICPA). client newsletters. |
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