here - Fuerst Ittleman David & Joseph, PL

Case: 11-1612 Document: 003110561288 Page: 32 Date Filed: 06/13/2011
level (those that made less than $75,000 and resided and filed in the USVI have the
benefit of the statute of limitations versus that that made more than $75,000 who
do not). What is important to note, is that neither place of residence nor income
level has ever been a reason to provide that the statute of limitations applies, or
does not apply, to a particular taxpayer. There is nothing in the Internal Revenue
Code, the Treasury Regulations thereunder, or the Congressional Record that
advances such a theory.
Additionally, the term ―covered person‖ is never mentioned in the Internal
Revenue Code. The term ―covered person‖ was created without any grant of
authority by the IRS, and without any notice to the public or comment period.
Further the monetary level, i.e., the $75,000, appears to be an arbitrary number
used to target those individuals with sufficient wherewithal to make an IRS audit
economically feasible. In other words, as the majority of the USVI population
lives at or below the poverty line, by setting the bar well above the poverty line
those poorly-healed residents will be given the statutory right of having the statute
of limitations period under IRC § 6501 apply to them. On the other hand, those
well-healed residents, many of which participated in the EDP, would not be
afforded the protections of IRC § 6501. Although not explicitly named, Mr. Gangi
FUERST ITTLEMAN, PL
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