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MEMORANDUM FINDINGS OF FACT AND OPINION
HALPERN, Judge: For 1985, respondent determined
deficiencies in income tax and additions to tax against
petitioners Larry B. Parker (Parker) and Martha A. Parker
(Martha) resulting from their failure to report gain with respect
to payments received in discharge of two $2 million notes. For
1985, respondent also determined deficiencies in income tax and
additions to tax against Parker's two daughters, petitioners
Tracy P. Streber (Tracy) and Teresa P. Delony (Teresa), and
against Teresa's husband, petitioner Stephen J. Davis (Davis),
for failure to report gain with respect to those same payments.
Respondent has taken inconsistent positions but does not seek to
tax the same gain twice. She asks the Court to determine who, as
between the Parkers, on the one hand, and the daughters and
Davis, on the other, is properly taxable with respect to the
payments in question. Because the cases of those various
petitioners involve common questions of fact, they have been
consolidated for trial, briefing, and opinion.
Although Teresa and Davis jointly petitioned the Court to
redetermine the deficiency and additions to tax determined by
respondent, Davis, in the prosecution of his case, has failed to
proceed as provided by the Tax Court Rules of Practice and
Procedure. The Court therefore holds him in default and will
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