Dover Corporation and Subsidiaries - Page 3

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          estimated tax payment for the succeeding taxable year pursuant to           
          section 301.6402-3(a)(5),  Proced. & Admin. Regs.2                          
               On August 19, 1994, respondent issued a notice of deficiency           
          to petitioner.  In the notice, respondent determined deficiencies           
          in petitioner's income taxes for the taxable years 1990 and 1991            
          in the amounts of $34,279,695 and $1,893,325, respectively.3                
               On September 15, 1994, petitioner filed its income tax                 
          return for 1993, as well as amended tax returns (Forms 1120X) for           
          1990 and 1991.                                                              
               Petitioner claimed an increased overpayment in the amount of           
          $1,146,384 on its amended return for 1990 and made an election to           
          treat such increased overpayment as a credit to be applied as an            
          estimated tax payment for 1991 pursuant to section 301.6402-                
          3(a)(5), Proced. & Admin. Regs.  The increased overpayment that             
          petitioner claimed for 1990 is largely attributable to                      
          petitioner's claim of additional general business credits and               
          environmental tax credits.                                                  
          Petitioner's amended return for 1991 and petitioner's income                
          tax return for 1993 are related in that the most significant item           
          reported on petitioner's amended return for 1991 is a carryback             

          2  For each of the years discussed, petitioner filed                        
          consolidated income tax returns on Form 1120, U.S. Corporation              
          Income Tax Return.                                                          
          3 As will be discussed shortly, the taxable years 1990 and                  
          1991 are the subject of a petition filed at another docket.                 

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