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155.1 On September 17, 1996, we filed our findings of fact and
opinion in these cases, T.C. Memo. 1996-418 (Wilson I), and
directed that decisions be entered under Rule 155.
Petitioners have objected to respondent's computation under
Rule 155. For the taxable year 1990, we find petitioners'
argument to be correct and therefore sustain their objection.
However, for the taxable year 1989, we find that both
respondent's and petitioners' computations are incorrect.
Accordingly, based on the conclusions reached in Wilson I, we
make the necessary adjustments to respondent's Rule 155
computation for 1989 as set out below.
In Wilson I, we made findings of fact which we adopt for
purposes of this supplemental opinion. However, for clarity, we
begin with a brief summary of some of the facts found therein and
also report additional findings of fact pertinent to this
supplemental opinion.
FINDINGS OF FACT
In 1989, petitioners received $62,937 from the State of
Maryland (the State), representing the balance of a $104,000
settlement award paid as compensation for rental property that
the State acquired through a "quick take" condemnation
1 All Rule references are to the Tax Court Rules of Practice
and Procedure, and all section references are to the Internal
Revenue Code in effect for the years in issue, unless otherwise
indicated. All dollar amounts are rounded to the nearest dollar,
unless otherwise indicated.
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