Primco Management Company, Alfred Dreyfus Goldman Revocable Living Trust, Alfred D. Goldman, Fiduciary, Tax Matters Person - Page 3

                                        - 3 -                                         

          Admin. Regs., 52 Fed. Reg. 3003 (Jan. 30, 1987), and, therefore,            
          that Primco is not excluded from the unified S corporation audit            
          and litigation procedures.                                                  
          A reply to respondent's answer, filed on behalf of Primco,                  
          includes allegations that, because revocable trusts are regarded            
          as a nullity for Federal income tax purposes, it is appropriate             
          to conclude that Primco's sole shareholders are the two                     
          individual grantors of the trusts for purposes of determining               
          whether Primco is a small S corporation under the governing                 
               By order dated October 3, 1996, Primco was directed to file            
          an amendment to petition identifying Primco's tax matters person,           
          as well as the name and address of the shareholder commencing the           
          case.3  Shortly thereafter, the Court received and filed an                 
          amendment to petition, which indicates that Primco's tax matters            
          person (and the shareholder commencing the case) is Alfred D.               

               2  Although the reply filed on behalf of Primco includes               
          allegations that Primco was not owned by the trusts during the              
          years in issue, counsel for petitioner subsequently conceded at             
          the hearing of this matter that Primco was owned by the trusts              
          during the years in issue.                                                  
               3  The pleadings filed in this case on behalf of Primco do             
          not comply with the controlling statutory provisions, which                 
          generally require that a petition for readjustment be filed by              
          the tax matters person or a shareholder other than the tax                  
          matters person.  See secs. 6244 and 6226; Rule 240(c)(1)(B);                
          Gold-N-Travel, Inc. v. Commissioner, 93 T.C. 618 (1989).                    

Page:  Previous  1  2  3  4  5  6  7  8  9  10  Next

Last modified: May 25, 2011