Robert Libutti - Page 2

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               LARO, Judge:  This case was submitted to the Court without             
          trial.  Rule 122(a).  Robert Libutti petitioned the Court to                
          redetermine respondent's determinations with respect to his 1987,           
          1988, and 1989 Federal income taxes.  Respondent determined that            
          petitioner was liable for the following income tax deficiencies,            
          additions to tax for delinquent filings under section 6651(a)(1),           
          additions to tax for substantial understatements of income tax              
          under section 6661, and an accuracy-related penalty for                     
          substantial understatement of income tax under section 6662(a),             
          (b)(2), and (d):                                                            
             Additions to Tax                               Penalty                   
          Sec.        Sec.                                  Sec.                      
          Year      Deficiency   6651(a)(1)     6661         6662                     
          1987      $171,386     $347,673     $42,666       ---                       
          1988      272,298      125,036      68,075        ---                       
          1989      314,792       27,297        ---         $62,958                   
               Following petitioner’s concession in his opening brief that            
          he is subject to the additions to tax under section 6651(a)(1),1            
          we must decide whether petitioner can deduct gambling losses to             
          the extent of the value of "complimentary" goods and services               


               1 Petitioner states in his brief that he cannot prove the              
          filing date of his 1987 or 1988 tax return.  We consider this               
          statement as petitioner's concession of the allegation in his               
          pleading that the notice of deficiency as it relates to 1987 and            
          1988 is time barred under sec. 6501(a).  See Rule 142(a); Mecom             
          v. Commissioner, 101 T.C. 374, 381-383 (1993) (discussion of the            
          time bar of sec. 6501(a), including the burden of proof with                
          respect thereto), affd. without published opinion 40 F.3d 385               
          (5th Cir. 1994).                                                            



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