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We apply the established law on the refund of overpayments
to the stipulated amounts shown in the chart above. Each of the
withheld amounts was deemed withheld and paid on April 15 of the
year in which the return was due, and the fact that petitioner
received an extension of time to file some of the returns did not
change the date as of which the tax is deemed paid. Sec. 6513(a)
and (b)(1). Respondent issued the notices of deficiency to
petitioner on May 11, 1995, and, as of that date, petitioner had
not yet filed his returns. Thus, apart from the effect of
section 6511(d), petitioner is generally limited to a refund of
only amounts that he paid during the 2-year period prior to
May 11, 1995. Commissioner v. Lundy, 516 U.S. at , 116 S. Ct.
at 647. Respondent has conceded that section 6511(d)(1) entitles
petitioner to a refund of the overpayments for each subject year,
except 1986, to the extent that the overpayments are attributable
to worthless debts or worthless securities. Accordingly,
petitioner is entitled to a refund of those amounts. With
respect to the 1986 overpayment, however, respondent has not made
a similar concession because all of the underlying amounts were
paid more than 7 years before the notice of deficiency was
issued. We hold that petitioner is not entitled to a refund of
this amount.
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