- 8 - Plan participants except for petitioner, to the profit-sharing plan trust. First American then arranged for the remaining assets, to which petitioner was entitled, to be transferred from the Plan trust to GCI on August 18 and September 23, 1986. During the summer 1986, respondent assigned GCI’s application for a determination to an employee plans specialist. During the period July 1986 through January 1987, the specialist and GCI’s representatives corresponded concerning the application. On or about March 31, 1987, the matter was submitted internally within respondent’s office for technical advice regarding the Plan’s termination. On June 9, 1988, respondent’s national office issued a technical advice memorandum, stating its position. On or about July 27, 1988, GCI withdrew its application for a determination letter. Thereafter, this issue was addressed in the examination of petitioner which led to this controversy. A closing conference was held on October 23, 1991, and it was attended by petitioner, respondent’s agent, the agent’s supervisor, and Mr. Zdonek. At this meeting, respondent’s agent discussed the substantive issues and the reasons he believed that a section 6661 penalty for substantial understatement should apply. Mr. Zdonek told respondent’s agent that he believed this penalty should not apply. OPINION Evidentiary ObjectionsPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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