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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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