- 17 -
collecting the proper sum despite having issued a certificate of
release. Section 301.6325-1(a)(1), Proced. & Admin. Regs.,
states: "In all cases the liability for the payment of the tax
continues until satisfaction of the tax in full or until the
expiration of the statutory period for collection".
IV. Petitioner's Prayer for Equitable Relief Must Go Unanswered
Hohenstein's final argument is a prayer for equitable
relief. Regrettably for petitioner, this Court is not a court of
equity and does not possess general equitable powers. Stovall v.
Commissioner, supra at 149-150 (citing Commissioner v. McCoy, 484
U.S. 3 (1987)). Even a District Court, with equitable powers,
cannot disregard statutory terms. See INS v. Pangilinan, 486
U.S. 875, 883 (1988). Therefore, we find all of petitioner's
arguments unavailing and hold that the cash rental arrangement
constituted a cessation of qualified use under section
2032A(c)(1)(B), thereby triggering a recapture tax. See Stovall
v. Commissioner, supra at 150.
To reflect the foregoing,
Decision will be entered
for respondent.
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