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1. The Kersting interest deduction tax shelter
adjustments shall be redetermined on the same basis
that the same tax shelter adjustments are resolved with
respect to taxpayers trying the same shelter
adjustments at the February 9, 1987 session of the
Court in Wailuku, Maui, Hawaii, or such session as
these cases may be adjourned or continued to by the
Court (hereinafter "TRIED CASE").
2. All issues involving the Kersting interest
deduction tax shelter(s) shall be resolved as if the
petitioner(s) in this case is the same as the taxpayers
in the TRIED CASE;
3. A decision shall be submitted in this case
when the decision in the TRIED CASE becomes final under
I.R.C. � 7481;
4. Following entry of the decision in this case,
petitioner(s) consent to the assessment and collection
of the deficiencies, attributable to the adjustments
formulated by reference to the Tax Court's opinion,
notwithstanding the restrictions contained in I.R.C.
� 6213(a);
5. The petitioners in this case will testify or
provide information in any case involving the same tax
shelter adjustments, if subpoenaed; and
6. The petitioners in this case consent to the
disclosure of all tax returns and tax return
information for the purpose of respondent's discovering
or submitting evidence in any case involving the same
shelter adjustments.
7. If the Court determines the I.R.C. � 6621(d)
penalties are applicable in the test case controlling
petitioner'(s’) case, then the petitioner(s) concedes
that I.R.C. � 6621(d) is applicable to any underpayment
of tax determined in their case(s) attributable to the
Kersting interest deduction tax shelter(s), if such
underpayment exceeds $1,000.00 in any one taxable year.
8. With respect to adjustments in respondent's
notice of deficiency relating to additions to the tax
under I.R.C. � 6653(a), the parties agree to the
following:
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Last modified: May 25, 2011