- 19 - the provision limiting the number of cattle held subject to depreciation. In the alternative, petitioner argues that because respondent calculated lower interest payable by the partnerships for the years in issue consistent with the agreement, the partnerships paid cash to Ranches in excess of the amounts due in some of the years. This cash, petitioner asserts, should be applied to any future principal and interest due on the notes payable to Ranches before the partnerships recognize any ordinary income on the transfer of cattle in payment. Respondent argues that the stipulation clearly negates any claim that the partnerships made payments on the notes with cash and that petitioner is bound by the stipulation. The Court will hold the parties bound by a stipulation unless justice requires otherwise. Rule 91(e). The Court may modify or set aside a stipulation that is clearly contrary to the facts revealed on the record. Cal-Maine Foods v. Commissioner, supra. Petitioner attached schedules entitled "Partnerships Cash Reconciliation" to petitioner's posttrial brief for each of the years 1980 through 1986. This exhibit is not considered to be evidence. Rule 143(b). Petitioner also argues that the stipulations entered in two other cases are evidence in support of his position. Stipulations have effect in the cases in whichPage: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Next
Last modified: May 25, 2011