Bruce L. Carpenter and Carolyn L. Carpenter - Page 3

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               Although no stipulation of settled issues or other similar             
          document was filed with the Court in this case which shows the              
          agreement of the parties with respect to each of respondent's               
          determinations in the notice, petitioners contend in petitioners'           
          motion, and respondent agrees, that, as part of the parties'                
          agreement resolving the issues in this case, petitioners conceded           
          that they received a constructive dividend during each of the               
          years 1989 and 1990, as determined by respondent in the notice.             
               As part of its efforts to collect the liability resulting              
          from the decision that was entered by the Court in this case, the           
          Internal Revenue Service (IRS) filed a nominee notice of Federal            
          tax lien (nominee lien notice) on July 2, 1996.  Different                  
          attorneys employed by the IRS were responsible for handling the             
          instant case and the nominee lien notice.  The IRS' attorney                
          responsible for the nominee lien notice approved that notice on             
          June 20, 1996.  In the nominee lien notice, the IRS alleged that            
          the Colby B. Foundation (foundation) was a nominee of petitioners           
          and of EOCC and that the Modoc property, which was titled at the            
          time of that notice in the name of the foundation, was held by              
          the foundation as nominee of petitioners and EOCC.                          
               On or about September 9, 1996, the IRS issued a levy on the            
          Modoc property (Modoc levy).  On or about September 19, 1996, the           
          IRS issued a notice of seizure of that property.  On October 3,             
          1996, the IRS issued a notice of sealed bid sale, which indicated           





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