- 2 - ground that the notice of deficiency underlying the petition constitutes an improper second notice of deficiency under section 6212(c).1 Background2 During the taxable years 1988 through 1991, Lone Star Life Insurance Co. was a wholly owned subsidiary of Hibiscus Life Insurance Co. (Hibiscus). Hibiscus timely filed consolidated Federal income tax returns, Forms 1120L, pursuant to section 1501 for the taxable years 1988, 1989, 1990, and 1991 on September 14, 1989, September 17, 1990, September 16, 1991, and September 14, 1992, respectively.3 During the years in issue, Hibiscus and petitioner shared common corporate officers as well as the same mailing address. In particular, Jerry Marshall served as controller for Hibiscus and vice president and controller for petitioner, while Gary Powers served as treasurer for Hibiscus and vice president (finance and treasurer) for petitioner. Revenue Agent Anita Kate Barrett conducted an examination of Hibiscus' consolidated tax returns for the taxable years 1988 1 Unless otherwise indicated, all section references are to the Internal Revenue Code as amended. Rule references are to the Tax Court Rules of Practice and Procedure. 2 The following is a summary of the relevant facts that do not appear to be in dispute; they are stated solely for purposes of deciding the pending motion and are not findings of fact for these cases. 3 During the years in issue, petitioner was Hibiscus' sole subsidiary.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011