- 19 -
evasion convictions. Cf. United States v. Powell, 469 U.S. 57
(1984).
Petitioner also argues that only the conspiracy charge
required the finding of certain overt acts, which petitioner
seemingly argues are the receipt of the funds alleged in the
notice of deficiency, thus implying that there has been no
finding of the receipt of unreported funds.
This is incorrect. A conviction under section 7201 carries
with it the ultimate factual determination that an underpayment
exists, as well as that some part of the underpayment is due to
fraud. Arctic Ice Cream Co. v. Commissioner, 43 T.C. 68, 74
(1964); Amos v. Commissioner, 43 T.C. 50, 54-55 (1964), affd. 360
F.2d 358 (4th Cir. 1965).14
Petitioner further argues that collateral estoppel is
inapplicable because of new evidence. The purported new evidence
he refers to consists of copies of two promissory notes, in the
amounts of $100,000 and $43,000, which he alleges show the
existence of loans to petitioner which would impliedly explain
certain funds received by him in 1981 and 1982, which respondent
asserts in the notice of deficiency constitute unreported income.
At petitioner's sentencing hearing in the District Court
proceeding, he asserted that the notes had been destroyed.
14 See also Cipparone v. Commissioner, T.C. Memo. 1985-234.
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