The best explanation comes from one of the field's top private collectors, New York investment manager Richard Gilder, who, together with friend and collecting partner Lewis Lehrman, owns some 50, 000 manuscripts and printed material that date from colonial times to the present.
Congress granted the 3 year bar against assessment of additional tax by IRS on the presumption that the return filed by the taxpayer was true and correct, as to every material matter, on the date the taxpayer signed and filed his return.