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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
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