Supreme Court Urged To Mull Partnership Tax Audit Opt-Outs

Law360, New York (June 19, 2015, 4:11 PM EDT) -- A couple has asked the U.S. Supreme Court to review a Ninth Circuit decision that they cannot opt out of an IRS partnership audit on some of their partnership interests, saying the agency was trying to outrun the consequences of its own error.

In a June 12 certiorari petition, John Ross Gregory and Rita Gregory contended that they can opt out of a partnership-level audit as indirect partners — but not as direct partners — because the IRS failed to give them 120 days' advance notice...
To view the full article, register now.