- 6 -
claimed on petitioner's amended return for 1991. Consistent with
this adjustment, respondent determined that petitioner failed to
pay $4,905,029.16 of the $75,758,778 in total tax reported by
petitioner on its income tax return for 1993.6 Shortly
thereafter, on December 19, 1994, respondent issued a bill to
petitioner for the taxable year 1993 requesting the payment of
$5,455,695.74, consisting of tax in the amount of $4,905,029.16,
penalties in the amount of $245,251.46, and interest in the
amount of $305,415.12.
In the interim, on November 18, 1994, petitioner filed a
petition, which was assigned docket No. 21334-94, contesting
respondent's determinations as set forth in the notice of
deficiency for the taxable years 1990 and 1991. In addition to
contesting respondent's determinations, the petition at docket
No. 21334-94 includes allegations that petitioner is entitled to
overpayments for the taxable years 1990 and 1991 consistent with
the reporting position taken by petitioner in its amended returns
for 1990 and 1991, including the carryback of the $32,797,961 net
6 As a further consequence of the rejection of the
$12,621,181 credit claimed on petitioner's income tax return for
1993, respondent did not recognize petitioner's election to treat
its claimed overpayment for 1993 as a credit to be carried
forward and applied as an estimated tax payment for 1994 and
1995. This resulted in respondent's conclusion that petitioner
failed to pay a portion of the tax that petitioner reported on
its income tax returns for 1994 and 1995.
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