Elgin E. Flagg - Page 4

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          unable to recognize in the year realized due to the limitation on           
          capital losses set forth in section 1211(b).                                
               For each year in issue, petitioner's income tax liability,             
          tax withheld, overpayment, and the amount of the overpayment that           
          was attributable to worthless securities and oil and gas ventures           
          are as follows:                                                             
                                   1986   1989     1990   1991    1992                
          Tax liability            $5,740 $7,879  $10,481 $18,917 $5,352              
          Amounts withheld by                                                         
          GE                     13,169 12,274   12,757  14,321   ---                 
          Pension trustee          ---    ---     ---     3,950  4,781                
          Interest payers          ---     201      424     740  1,824                
          Total                13,169 12,475   13,181  19,011  6,605                  
          Overpayment               7,429  4,596    2,700      94    420              
          Attributable to                                                             
          Worthless securities      960    840      845      94    420                
          Oil & gas ventures      4,558  3,077    2,700      94  1,253                
                                     Discussion                                       
               Respondent concedes that petitioner is entitled to refund of           
          $840, $845, $94, and $420 for the respective years from 1989                
          through 1992.  Respondent argues that petitioner is not entitled            
          to a refund of any other overpaid amount because:  (1) The                  
          amounts paid for 1986 were paid by petitioner more than 7 years             
          before the issuance of the notice of deficiency and (2) the                 
          disputed amounts paid for each other year were paid by petitioner           
          more than 2 years before the issuance of the notice of                      
          deficiency, and none of these amounts were attributable to items            
          listed in section 6511(d) that would extend this period beyond              




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