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of law that petitioner is precluded from challenging the validity
of the S corporation status of JPS. We deny both motions.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. We
incorporate by this reference the stipulation of facts and
attached exhibits. At the time of filing the petition,
petitioner resided in Houston, Texas.
Petitioner incorporated JPS on October 25, 1976, with
petitioner and his wife, Mary Ann Johnson, as directors and the
sole officers.2 Petitioner was president and Mary Ann Johnson
was secretary. In addition to them, JPS had, at most, three
other employees during the period of 1975-77, one of whom was
petitioner’s daughter. On November 26, 1976, which was the
Friday after Thanksgiving Day, the Internal Revenue Service
Fresno Service Center (Fresno Service Center) stamped "Received"
on the face of a Form 2553, Election by a Small Business
Corporation, listing JPS as the electing corporation. The
parties have stipulated that it is unknown whether the Form 2553
was mailed, hand delivered, or transported by private courier to
the Fresno Service Center.
2 It has been alleged, and the parties do not appear to
dispute, that petitioner and Mary Ann Johnson were the only
shareholders of JPS. However, the only evidence of that
allegation currently in the record is a Form 2553, the validity
and authorship of which are disputed.
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