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the same $41,071.72 as a “credit” for each of the 1980, 1981, and
1982 years. Looking at those documents collectively, the 1982
return is the only one against which petitioner could have
applied the "credit" as a payment of tax. That is so because the
1980 and 1981 returns filed by petitioner reflect no tax
liability. Accordingly, we find that petitioner intended to
apply the $31,000 deposit as a payment for 1982.
We hold that petitioner is entitled to use the $31,000 as a
payment of his 1982 tax deficiency. To the extent that the
$31,000 payment (considered made as of the date petitioner filed
his 1982 return) exceeds petitioner’s 1982 tax deficiency
(including additions to tax and interest), he is entitled to an
overpayment of his 1982 income tax, which the parties are to
compute in their Rule 155 computation(s).
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011