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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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