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B. Petitioner's Net Worth
The record demonstrates that petitioner satisfies the
applicable net worth requirement of sec. 7430(c)(4)(A)(iii).
Here we note that petitioner attached to her motion for costs an
affidavit averring that she satisfied such net worth requirement.
Petitioner subsequently furnished an additional affidavit in
which she set forth her assets and liabilities. Respondent has
never challenged or otherwise questioned either of petitioner's
affidavits.
Based on petitioner's affidavits, as well as the record as a
whole, we have found as a fact that petitioner's net worth did
not exceed $2,000,000 at the time that the petition was filed.
We therefore hold that petitioner satisfies the applicable net
worth requirement.
C. Conclusion
In view of the foregoing, we hold that petitioner was the
prevailing party in both the administrative and court
proceedings.
II. Exhaustion of Administrative Remedies
Respondent contends that petitioner failed to exhaust
administrative remedies because petitioner failed to appeal the
proposed deficiency to the IRS Appeals Office as stated in the
30-day letter. We disagree.
The short answer to respondent's contention is that
petitioner never received the 30-day letter because the letter
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