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jurisdiction with respect to the at-risk issue. On the contrary,
the decision in Hambrose II was rendered on May 27, 1994, the
date this Court entered a decision based on the stipulated
settlement agreement. Furthermore, petitioners' reliance on the
case of Armstrong v. Commissioner, supra, is misplaced because
the Court in that case dismissed a petition; i.e., an entire
proceeding, for lack of jurisdiction. Petitioners' argument on
this issue is without merit.
On this record, the Court holds that a decision was entered
in the partnership proceeding on May 27, 1994, which decision
subsequently became final on August 25, 1994.11 The Court holds
further that the notices of deficiency were timely issued to
petitioners under section 6229(a) because the notices were mailed
on May 19, 1995, which was within 1 year after the decision in
the partnership proceeding became final.
At-Risk
The second issue for decision is whether petitioner was
"protected against loss" within the meaning of section 465(b)(4)
with respect to his pro rata share of the Limited Recourse Note,
11 A stipulated decision, though generally not subject to
appeal except on jurisdictional grounds, Clapp v. Commissioner,
875 F.2d 1396 (9th Cir. 1989), is still considered a reviewable
decision that becomes final 90 days after entry of decision.
Pesko v. United States, 918 F.2d 1581 (Fed. Cir. 1990); Sherry
Frontenac, Inc. v. United States, 868 F.2d 420 (11th Cir. 1989);
Security Indus. Ins. Co. v. United States, 830 F.2d 581 (5th Cir.
1987) (all cited in Ripley v. Commissioner, 105 T.C. 358, 362
(1995), revd. on other grounds 103 F.3d 332 (4th Cir. 1996)).
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