- 2 -
section 7443A(b)(4) and Rules 180, 181, and 183.1 They were
tried and briefed separately but consolidated for purposes of
opinion. The Court agrees with and adopts the opinion of the
Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
WOLFE, Special Trial Judge: These cases are part of the
Plastics Recycling group of cases. For a detailed discussion of
the transactions involved in the Plastics Recycling cases, see
Provizer v. Commissioner, T.C. Memo. 1992-177, affd. without
published opinion 996 F.2d 1216 (6th Cir. 1993). The underlying
transaction in these cases is substantially identical to the
transaction considered in the Provizer case.
In a notice of deficiency, respondent determined
deficiencies in the 1978, 1979, and 1981 joint Federal income
taxes of petitioners Bennett in the respective amounts of
$19,120, $954, and $37,715.2 Respondent also determined that
interest on deficiencies accruing after December 31, 1984, would
be calculated at 120 percent of the statutory rate under section
1 All section references are to the Internal Revenue Code, in
effect for the years in issue, unless otherwise indicated. All
Rule references are to the Tax Court Rules of Practice and
Procedure.
2 The deficiencies in the Bennett case, docket No. 31758-85,
for taxable years 1978 and 1979 result from disallowance of
investment tax credit carrybacks and business energy credit
carrybacks from taxable year 1981.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011