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reduced its 1977 deficiency to $3,777,997 during the period
January 1, 1980, to March 14, 1983, and reduced its 1978
deficiency to $2,530,339 during the same period, and charge it
interest on those lesser deficiency amounts during that period.
Petitioner's claim is based on the notion that respondent had use
of the money represented by the 1979 ITC "payment" during the
"interim" period from January 1, 1980, to March 14, 1983, and
cannot now charge petitioner for the use of that money.
Petitioner alleges that the amounts of ITC, which were
included in the Rule 155 computations that were prepared in 1992
before a decision was rendered by the Court of Appeals for the
Seventh Circuit, were erroneously left out of the 1994
computations.10 Due to the effects of the subsequent carryback
of the NOL from 1982, the inclusion or exclusion of the amounts
of 1979 ITC does not alter the underlying net tax liability for
either taxable year. Petitioner does not contest in any way its
tax liability for the deficiencies as reflected in the 1994
decision.
Section 7481(c) provides:
Jurisdiction Over Interest Determinations.--
Notwithstanding subsection (a), if --
(1) an assessment has been made by the
Secretary under section 6215 which includes
interest as imposed by this title,
10 See appendix and discussion infra page 16.
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