Astrida Terauds - Page 20

                                       - 20 -                                         

          claims this levy was made showing that amounts were remitted by             
          such bank or institution to respondent.  The Court, therefore,              
          rejects petitioner's contention that she is entitled to an                  
          additional credit of $2,884 for 1987.                                       
          5.  Claimed Credits or Refunds of Overpayments                              
               The fifth issue is whether petitioner is entitled to credits           
          or refunds for overpayments of her 1986 and 1987 taxes.  In her             
          petition, petitioner alleged "I should get a refund.  Exact                 
          amount unknown as depends on many variables."                               
               This Court has jurisdiction to determine whether a taxpayer            
          has made an overpayment of taxes where a notice of deficiency has           
          been issued, and a timely petition is filed with this Court.                
          Section 6512(b)(1) provides, in part:                                       
               if the Tax Court finds that there is no deficiency and                 
               further finds that the taxpayer has made an overpayment of             
               income tax for the same taxable year, * * * or finds that              
               there is a deficiency but that the taxpayer has made an                
               overpayment of such tax, the Tax Court shall have                      
               jurisdiction to determine the amount of such overpayment,              
               and such amount shall, when the decision of the Tax Court              
               has become final, be credited or refunded to the taxpayer.             
               In this case respondent acknowledged at trial that moneys              
          were levied and held by respondent for petitioner's account that            
          will exceed the deficiencies, additions to tax, and interest                
          determined against petitioner.  The moneys held by respondent,              
          however, came to respondent by way of levy and not by voluntary             
          payments from petitioner or withholdings of third parties.  The             
          question before us is whether these levied funds constitute a               

Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  Next

Last modified: May 25, 2011