- 4 - payments petitioners received from Securities in 1980 and 1981 and reported on their returns for those years. After reviewing the record, we find that petitioners correctly reported the guaranteed payments on their 1980 and 1981 returns; that respondent made no adjustments with respect to those guaranteed payments; that the petition does not raise any issue as to the guaranteed payments; and that the answer does not raise such an issue. In short, the guaranteed payments should not be an issue before this Court. Nevertheless, inasmuch as the parties have addressed the matter otherwise, we shall do likewise. We shall consider the issue as tried by consent. Rule 41(b)(1). Respondent initially prepared computations, which included a Statement of Account and Audit Statement (the Computations). Over a period of months, the parties revised their Computations. The Computations did not make any adjustments to the guaranteed payments reported as income by petitioners in 1980 and 1981. Over a year later, the parties prepared a Stipulation of Settled Issues with regard to the Securities issues (Stipulation). The Stipulation was filed by this Court and provides, in pertinent part, that: 1. Attached hereto as Exhibit A is a copy of fully executed Forms 906, Closing Agreement on Final Determination Covering Specific Matters relating to the petitioners' interest and agreed treatment of items of income, gain, loss or deduction arising as a result of their direct or indirect investments in Securities Arbitrage Co. Exhibit A resolves the tax aspects ofPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011