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OPINION
LARO, Judge: Petitioners petitioned the Court under section
6320(c) to review a notice of a Federal tax lien placed upon
their property. The lien arose from an assessment of Federal
income taxes of $412,787.15 and $844.16 for 1991 and 1996,
respectively. Petitioners now, after being served with
respondent’s answer and respondent’s motion for summary judgment,
move the Court to dismiss this case without prejudice to their
right to seek in Federal District Court a determination that they
incurred a net operating loss (NOL) in 1994 that may be carried
back to 1991.1 We shall grant petitioners’ motion.2 Unless
otherwise noted, section references are to the Internal Revenue
Code in effect for the relevant years, Rule references are to the
Tax Court Rules of Practice and Procedure, and rule references
are to the Federal Rules of Civil Procedure. Petitioners resided
in Maitland, Florida, when their petition was filed.
1 Respondent argued in his motion for summary judgment that
res judicata barred petitioners from establishing an NOL in 1994
that could be carried back to 1991. The Court determined
petitioners’ income tax liability for 1991 in Estate of Wagner v.
Commissioner, T.C. Memo. 1998-338.
2 In so doing, we, of course, leave to the District Court to
determine whether petitioners are entitled to any relief there,
and, if so, what type of relief.
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Last modified: May 25, 2011