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In the instant case there was no trial; no evidence was
adduced; no stipulations were filed in the record; and the
stipulated decision does not recite any factual or legal bases
upon which the deficiency was settled. The compromise and
settlement of tax cases are governed by general principles of
contract law. Robbins Tire & Rubber Co. v. Commissioner, 52 T.C.
420, 435-436, supplemented by 53 T.C. 275 (1969); Brink v.
Commissioner, 39 T.C. 602, 606 (1962), affd. 328 F.2d 622 (6th
Cir. 1964). Where a decision is entered pursuant to a stipulated
settlement, the parties are generally held to their agreement
without regard to whether the decision is correct on the merits.
Stamm Intl. Corp. v. Commissioner, 90 T.C. 315, 321-322 (1988);
Spector v. Commissioner, 42 T.C. 110 (1964). Within this
framework, participants ask for leave to file their motion to
vacate.
Lack of Subject Matter Jurisdiction
This Court has jurisdiction to vacate a decision that has
become final if we find that we lacked jurisdiction when we
entered the decision. Pyo v. Commissioner, 83 T.C. 626, 632
(1984); Brannon's of Shawnee, Inc. v. Commissioner, supra at
1002. The Tax Court is a court of limited jurisdiction and may
exercise jurisdiction only to the extent expressly permitted by
statute. See sec. 7442; Trost v. Commissioner, 95 T.C. 560, 565
(1990).
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