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(1972). In Kropp v. Commissioner, T.C. Memo. 2000-148, we
described our role in this regard as follows: "As a trier of
fact, it is our duty to listen to the testimony, observe the
demeanor of the witnesses, weigh the evidence, and determine what
we believe." Having done so here, we have no doubt that Mr.
Wolfe and Mrs. Wolfe (for herself and on behalf of WFO) gave Mr.
McCarthy specific authority to sign the stipulation of settled
issues and settle these cases.
Messrs. McCarthy and Brant and Mrs. Wolfe convincingly
testified that Mr. McCarthy sought and obtained express
authorization from Mr. and Mrs. Wolfe on the afternoon of March
11, 2003, to settle the cases and sign the stipulation of settled
issues on behalf of all petitioners. According to the testimony
of Mrs. Wolfe and Messrs. McCarthy and Brant, Mr. and Mrs. Wolfe
were faced with a decision to accept respondent’s final offer or
to go to trial the next day. While Mr. Mansour persisted in his
claim that income was being double counted and accounted for in
the wrong year, Mr. and Mrs. Wolfe were advised by Messrs.
McCarthy and Brant that Mr. Neubeck would not concede those
issues, and they chose to settle after Mr. Neubeck made
concessions on penalties. Mr. Neubeck’s recollection of the
events of March 11 substantially corroborates that of Mrs. Wolfe
and Messrs. McCarthy and Brant.
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