- 21 - was the subsequent $50,000 bribe promised to Suval of which petitioner was unaware). Of that $65,000, 8 percent, or $5,000, was paid in 1981; 46 percent, or $30,000, was paid in each of the years 1982 and 1983. Based on that evidence, we find that of the $7,500 that petitioner received from Suval, 8 percent, or $600, was paid to petitioner in 1981, and 46 percent, or $3,450 was paid to petitioner in each of the years 1982 and 1983. Accordingly, we find petitioner to have had unreported income of $3,450 in each of the years 1982 and 1983. See Cohan v. Commissioner, supra. We have already determined that the entire amount of each such underpayment is due to fraud. Therefore, the "portion of the underpayment * * * attributable to fraud" is the portion of the underpayment resulting from unreported income of $3,450 in both 1982 and 1983. Accordingly, the addition to tax under section 6653(b)(2), for each of the years 1982 and 1983, is equal to 50 percent of the interest payable under section 6601 with respect to the underpayment resulting from unreported income of $3,450. III. Statute of Limitations Section 6501(c)(1) provides for the assessment of tax at any time in the case of a fraudulent return. We have found that respondent has proven fraud on the part of petitioner for each of the years in issue and, accordingly, the period for assessmentPage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
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