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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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