The Fourth Circuit today reversed the district court and sided with the Ninth (Bakersfield Energy Partners LP v. Commissioner, 568 F.3d 767 (9th Cir. 2009)) and Federal (Salman Ranch Ltd. v. United States, 573 F.3d 1362 (Fed. Cir. 2009)) Circuits and the taxpayer, holding that the extended six-year statute of limitations of § 6501(e)(1)(A) did not apply to the omission of more than 25% of gross income caused by an overstatemnt of basis.  Home Concrete & Supply LLC v. United States, No. 09-2353 (4th Cir. Feb. 7, 2011). The Seventh Circuit recently upheld the IRS’s contrary position. (Beard v. Commissioner, No. 09-3741 (7th Cir. Jan. 26, 2011).) (Hat Tip: Kristin Hickman.)