Vincent and Clotilde Farrell, Jr. - Page 2

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          exhibits on November 9, 1995.  On the same date, petitioners'               
          motion for decision ordering relief from the negligence penalty             
          and the penalty rate of interest, with attachments, and                     
          petitioners' memorandum in support of such motion were lodged               
          with the Court.  Subsequently, respondent's objections, with                
          attachments, and memorandum in support thereof, were filed.                 
          1.  Background and Procedural Matters                                       
               This case is part of the Plastics Recycling group of cases.            
          The opinion in the lead case in that group, Provizer v.                     
          Commissioner, T.C. Memo. 1992-177, affd. without published                  
          opinion 996 F.2d 1216 (6th Cir. 1993), concerning the substance             
          of the transaction and the additions to tax, was filed on March             
          25, 1992.  To date, we have decided more than 25 cases involving            
          various aspects of the Plastics Recycling transactions.  Most               
          such cases primarily concern additions to tax for negligence and            
          valuation overstatement.  When the present case was tried, on               
          March 31 and April 1, 1994, the opinion in Provizer v.                      
          Commissioner, supra, had been issued.  Before petitioners filed             
          their motion for leave, more than 12 additional opinions had been           
          filed concerning negligence and valuation overstatement in                  
          Plastics Recycling cases.                                                   
               Petitioners base their motion for leave largely upon                   
          petitioners' alleged discovery, after the record was closed, of a           
          Stipulation of Settlement between the taxpayers in this case and            
          respondent in a different case for another year.  Petitioners               




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