El Charro TV Rental, Inc., Diana L. Peters, Tax Matters Person - Page 3

                                        - 3 -                                         

          parties’ stipulation of settlement was filed.  In the                       
          stipulation, the parties agreed that the same issues were present           
          in El Charro I and that a “Notice of Appeal was filed with [the             
          Tax Court by the petitioner in this case] appealing * * * [El               
          Charro I] to the 5th Circuit.”                                              
               The operative paragraphs of the parties’ stipulation are as            
          follows:                                                                    
                    5.  If the Circuit Court determines the income                    
               forecast method of depreciation is not a proper method                 
               for depreciating the rental units inventory of the                     
               taxpayer in * * * [El Charro I] the parties agree that                 
               the above adjustments shall be resolved as if the                      
               petitioner in this case were the same as the taxpayer                  
               in * * * [El Charro I].  In that event, a decision                     
               shall be submitted in this case when the decision in                   
               * * * [El Charro I] becomes final under I.R.C. � 7481.                 
                    6.  If the Circuit Court does not determine the                   
               income forecast method of depreciation is an improper                  
               method for depreciating the rental inventory of the                    
               taxpayer in * * * [El Charro I], there remains in                      
               dispute in this case the application of the income                     
               forecast method to the petitioner’s rental units                       
               inventory.  In that event, no new evidence will be                     
               introduced by the parties and the issue will require                   
               briefing by the parties.                                               
               During the time the appellate case was pending before the              
          Court of Appeals for the Fifth Circuit, the parties in this case            
          submitted status reports.  Eventually, they advised that on                 
          February 14, 1996, the Court of Appeals for the Fifth Circuit,              
          without published opinion, affirmed this Court's opinion in El              
          Charro I.  On May 1, 1996, the Court of Appeals for the Fifth               







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  Next

Last modified: May 25, 2011