mailbox rule


Also found in: Legal, Wikipedia.

mailbox rule

A rule of contract law that says if an offer is made in such a manner that it would be reasonable to assume that another person would accept the offer by placing a letter or other writing in the mail, then acceptance is deemed to have occurred when the writing was placed in the mail,not when it was received by the person making the offer.For example,this is important when a property owner offers,in writing,to sell a particular property for a specified sum.The potential purchaser decides to accept the offer and mail the acceptance to the owner.Before the owner receives the letter, but after it is mailed, the owner decides to withdraw the offer and takes the property off the market or increases the price.In this example,the owner cannot do so because the purchaser has already accepted the offer; it cannot be withdrawn. There is now a contract; there is no longer an offer capable of revocation.

Mentioned in ?
References in periodicals archive ?
The district court held that under the common law mailbox rule, the Baldwins' amended return was timely filed and they were entitled to the sought refund (Baldwin, No.
"[T]he Court rejects his position that he has satisfied this mailbox rule and proven that in 2012 he filed his federal tax returns for the Tax Years through the mere submission of the Declaration," Judge Diane Finkle stated.
Although a document is normally considered filed on the date that it is delivered to and received by the 1RS, there is an exception to this rule under the timely mailed, timely filed rule (also known as the mailbox rule) under Internal Revenue Code (IRC) section 7502.
The existence of the mailbox rule and the holiday/weekend rule under Secs.
The mailbox rule, a minor exception to the conventional doctrine
However, by going one step further and using or requiring certified mail to send notice, the company may lose the benefit of the mailbox rule, thus necessitating a higher level of proof.
With a late tax return showing a tax underpayment, the mailbox rule is inapplicable.
7502 mailbox rule does apply to an amended return on which the taxpayer claims a refund or credit if the taxpayer mails the amended return on or before, but the IRS receives it after, the last day of the Sec.
The court found that the statutory mailbox rule (Sec.
The Third Circuit Court of Appeals has reaffirmed as still valid the "common-law mailbox rule"--that a properly mailed document is presumed to reach the IRS within normal delivery time--despite holdings by other circuits that the rule was supplanted by the 1954 Tax Code provision that allows a postmark date to be treated as the filing date of a return or document.
7502 mailbox rule; instead, these returns are subject to a different rule, set forth in Rev.