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contends, or whether the payment is a deposit in the
nature of a loan, as petitioners contend. In addition to
petitioners' motion for summary judgment and memorandum
in support thereof, respondent's notice of objection and
memorandum in support thereof, and petitioners' reply, the
parties have filed a stipulation of facts in each of the
consolidated cases, together with exhibits attached
thereto. The stipulations and accompanying exhibits are
incorporated by this reference. The facts set forth in
this opinion are taken from the pleadings and
the stipulations of facts.
Background
Respondent issued a notice of deficiency to Stephen R.
and Mary K. Herbel, petitioners in the case at docket No.
22079-93, in which respondent determined the following
deficiency in, and additions to, their 1988 tax:
Additions to Tax
Deficiency Sec. 6653(a)(1) Sec. 6661(a)
$42,725 $2,136 $10,681
All section references are to the Internal Revenue Code as
in effect during 1988, unless stated otherwise. Respondent
also issued a notice of deficiency to Jerry R. and Carolyn
M. Webb, petitioners in the case at docket No. 22080-93,
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