This case is before us on respondent's motion for summary
judgment filed February 6, 1995, and petitioner's motion for
summary judgment filed March 3, 1995. Respondent in her motion
asks us to determine that petitioner failed to include in his
reported income for 1989, the amount of $32,811 of interest paid
to him in connection with a refund of an overpayment of tax for
1966. Petitioner asks us to determine that he properly reported
on his 1989 income tax return his interest income in connection
with the refund of his 1966 income tax.
Also pending is petitioner's motion to amend his petition,
which the parties agreed should be denied if respondent's motion
for summary judgment is granted and, therefore, should be acted
upon after action on respondent's motion for summary judgment.
The parties have stipulated all facts that either party
considers necessary for a disposition of the motions for summary
judgment. All the stipulated facts are found accordingly.
At the time of the filing of the petition in this case,
petitioner resided in San Diego, California. Petitioner timely
filed his Federal income tax return for the taxable year 1989
with the Internal Revenue Service Center in Ogden, Utah. On his
1989 return, petitioner reported $104,635 of interest income.
An assessment in the amount of $157,494.09 for income taxes
and $40,542.40 in restricted interest for the taxable year 1966
was made to petitioner's account on July 28, 1971. On July 30,
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