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February 20, 1996, petitioners have not overpaid the interest due
on the $6,054 tax deficiency that respondent assessed as a
computational adjustment on October 23, 1995, regardless of
whether such interest is computed under the normal rate
prescribed in section 6621(a)(2) or under the increased rate
prescribed in section 6621(c). See Greene v. Commissioner, T.C.
Memo. 1995-105.
Petitioner's contention that the $3,240.60 paid on February
20, 1996, represents the full amount of the interest due on the
tax deficiency of $6,054 is incorrect. Petitioner's argument is
based on the erroneous assumption that the interest due on the
deficiency of $6,054, arising from the disallowance of his
distributive share of the loss reported by Irving & Co., is
computed from April 15, 1987 (the due date of petitioners' 1986
tax return) to March 18, 1991 (the date that petitioners executed
a waiver of restrictions as to assessment and collection in
docket No. 11547-90). To the contrary, the stipulated decision
entered in docket No. 11547-90, and the waiver of restrictions on
assessment and collection which petitioners executed in
connection with that decision, concerned adjustments to
petitioners' 1986 tax liability wholly independent of the
partnership adjustments underlying the instant proceeding. In
this light, it is evident that the waiver does not toll the
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