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5. Stipulated Settlement Decision for 1987
Petitioner concedes that Kathleen Pert, in her capacity as
personal representative of the Estate of Timothy Riffe, agreed to
a stipulated decision that Timothy Riffe, deceased, was liable
for deficiencies and additions to tax for negligence and
substantial understatement of tax for 1987. Petitioner also
concedes that Kathleen Pert agreed to a stipulated decision that
established her tax liabilities for 1987. Petitioner also
concedes that liabilities were assessed by respondent pursuant
to such agreement.
Petitioner argues that he may relitigate the liability
of Timothy Riffe, deceased, and Kathleen Pert for 1987. We
disagree. As we stated in par. 3 above, res judicata bars a
transferee from relitigating the income tax liabilities of a
transferor once a final decision has been entered by the Tax
Court in the transferor's case, if the decision was stipulated.
Krueger v. Commissioner, 48 T.C. at 829-830; Baptiste v.
Commissioner, 29 F.3d 1533 (11th Cir. 1994); Forehand v.
Commissioner, supra; see Huddleston v. Commissioner, 100 T.C. 17
(1993).
Petitioner acknowledges that Baptiste v. Commissioner,
supra, and Krueger v. Commissioner, supra, hold that petitioners
are bound by the stipulated decision signed by the Estate of
Timothy Riffe. Petitioner acknowledges that, unless we
reconsider our previous decisions on this issue, res judicata
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