John Sann and Marianne Sann, et al. - Page 6

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               right to argue that the underpayment in tax is not                     
               attributable to a valuation overstatement within the                   
               meaning of I.R.C. �6659(a)(1), and that the Secretary                  
               should have waived the addition to the tax pursuant to                 
               I.R.C. �6659(e).                                                       
          In the stipulations of settled issues for docket Nos. 21209-90              
          (Cohn), 22399-90 (Addington), and 22466-90 (Sann), petitioners              
          also reserved the right to argue whether the respective                     
          assessments of tax and additions to tax for 1982 were barred by             
          the statute of limitations.                                                 
               Long after the trials of these cases, in each case                     
          petitioners filed a Motion For Leave to File Motion for Decision            
          Ordering Relief From the Negligence Penalty and the Penalty Rate            
          of Interest and to File Supporting Memorandum of Law under Rule             
          50.  These motions were filed with attached exhibits during the             
          last week of October and first week of November 1995.                       
          Petitioners concurrently lodged with the Court motions for                  
          decision ordering relief from the additions to tax for negligence           
          and the increased rate of interest, with attachments and                    
          memoranda in support of the motions.  Subsequently, respondent              
          filed objections, with attachments and memoranda in support                 
          thereof, and petitioners thereafter filed reply memoranda.  For             
          reasons discussed in more detail subsequently in this opinion,              
          and also in Farrell v. Commissioner, T.C. Memo. 1996-295, these             
          motions shall be denied.  See also Friedman v. Commissioner, T.C.           
          Memo. 1996-558; Jaroff v. Commissioner, T.C. Memo. 1996-527;                
          Gollin v. Commissioner, T.C. Memo. 1996-454; Grelsamer v.                   

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