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respondent mailed the notices of deficiency for 1985.
Petitioners filed their tax returns for 1985 on or before April
15, 1986.
In the answers for 1985 respondent contends that if the
Court holds in petitioners’ dockets for 1984 that the Junior
Common Stock--Series A converted into common stock in 1985, then
the period of limitations for 1985 is open as a result of
mitigation under sections 1311-1314. Respondent does not deny
that, otherwise, the period of limitation is closed. In the
replies petitioners deny that the mitigation provisions apply for
1985.
Petitioners’ dockets for 1984 were consolidated for trial,
briefing, and opinion with six other dockets; the Court held in
Steiner v. Commissioner, T.C. Memo. 1995-122, that the Junior
Common Stock--Series A converted into common stock at some point
in 1985. The Court entered decisions in petitioners’ dockets for
1984 on February 12, 1996. On July 23, 1996, the Court of
Appeals for the Tenth Circuit dismissed respondent’s appeal in
the Steiners’ docket. On August 8, 1996, the Court of Appeals
for the Ninth Circuit dismissed respondent’s appeal in the
Beatons’ docket. Respondent did not file any petition for
certiorari, and our decisions became final in due course.
Discussion
Respondent contends that the mitigation provisions under
sections 1311-1314 do not open the period of limitations for
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