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which Swansons' Tool was the beneficiary; (2) the transfer
documents conveyed full legal and beneficial ownership from
petitioners to this trust; (3) at no time did petitioners act in
any manner that was inconsistent with their transfer of all their
right, title, and interest in the Algonquin property; and (4)
subsequent to the sale, petitioners had no rights as tenants of
the property other than as tenants at will.
Respondent filed an answer on November 13, 1992, denying, or
denying for lack of knowledge, each of the allegations listed
above.
Petitioners filed a motion for partial summary judgment on
March 22, 1993. In their motion, petitioners restated their
position, as set forth in their petition, that no prohibited
transactions had occurred with respect to IRA's #1 and #2.
On July 12, 1993, respondent filed a notice of no objection
to petitioners' motion for partial summary judgment, thereby
ending the controversy on the DISC and FSC issues.
Respondent conceded the Algonquin property issue in a
settlement agreement entered into on January 24, 1994. The
parties agreed at that time to a total deficiency of $11,372.40,
which reflected an amount conceded by petitioners in their
petition as capital gain inadvertently omitted from their 1988
Federal income tax. A stipulated decision (hereinafter the
decision) was submitted by the parties and entered on February 9,
1994.
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