Bruce and Lois Zenkel, et al. - Page 6

                                        - 6 -                                         
          On those same dates, each petitioner who filed a motion for leave           
          also lodged with the Court a motion for decision ordering relief            
          from the additions to tax for negligence and the increased rate             
          of interest, with attachments, and a memorandum in support of               
          such motion.  Subsequently, respondent filed objections, with               
          attachments, and memoranda in support thereof.  For reasons                 
          discussed in more detail at the end of this opinion, and also in            
          Farrell v. Commissioner, T.C. Memo. 1996-295, petitioners'                  
          motions shall be denied.                                                    
               The issues remaining in these consolidated cases are:  (1)             
          Whether the assessment in docket No. 24512-89 (David) is barred             
          by the statute of limitations; (2) whether petitioners are liable           
          for additions to tax under section 6653(a)(1) and (2) for                   
          negligence; and (3) whether petitioners are liable for additions            
          to tax under section 6659 for underpayments of tax attributable             
          to valuation overstatement.                                                 
                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated in each case and are            
          so found.  The stipulated facts and attached exhibits are                   
          incorporated in the respective cases by this reference.                     
          A.  The Plastics Recycling Transactions                                     
               These cases concern petitioners' investments in four limited           
          partnerships that leased Sentinel expanded polyethylene (EPE)               
          recyclers:  Phoenix Recycling Group (Phoenix), Scarborough                  
          Leasing Associates (Scarborough), SAB Resource Reclamation                  




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011