- 10 - Petitioners do not now dispute the substance of the transaction, nor do they now appear to challenge their liability for the deficiency, additions to tax, and increased interest determined in the notice of deficiency.5 We note that although the closing agreement is void, granting the motion for summary judgment or entering a decision in favor of the Commissioner in fact ironically implements the terms of the closing agreement, upon which petitioners rely in their attempt to prevent the Court from entering a decision against them. To reflect the foregoing, An order will be entered granting the Commissioner's motion for summary judgment and denying petitioners' motion for leave to file amendment to petition. 4(...continued) them of liability for taxes they have admitted they owe. See supra note 2. To paraphrase Rule 41(a), justice does not so require here. 5 Although the closing agreement is void and the notice of deficiency would appear to control, we will not order that petitioners be liable for the additions to tax or increased interest. The IRS in its Memorandum of Law in support of its motion for summary judgment concedes the issue. It states "Based upon the foregoing, it is prayed that the Court enter a decision reflecting a deficiency in the amount of $7,686.00 for the taxable year 1982, with no additions to tax pursuant to I.R.C. �� 6653(a)(1), 6653(a)(2) and 6661."Page: Previous 1 2 3 4 5 6 7 8 9 10
Last modified: May 25, 2011