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there is an overpayment in the amount of $12,343.35, which was
paid or deemed paid as of April 15, 1989. Accordingly, we
conclude that there is a deficiency to be assessed in
petitioner's 1988 Federal income tax in the amount of $1,138,
which has been paid, and that there is an overpayment due to
petitioner in the amount of $12,343.35, for which a claim for
refund had been filed on August 16, 1989, which claim had not
been disallowed as of November 5, 1993, the date of the mailing
of the notice of deficiency.
To reflect the above,
Respondent's Motion for Entry
of Decision, as modified herein, will
be granted, and an appropriate decision
will be entered.
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Last modified: May 25, 2011