- 6 -
Paragraph three of the stipulation of settled issues states
simply as follows:
Petitioner and respondent agree that the revised
adjustments identified in Exhibit A attached hereto and
incorporated herein by reference are the correct
adjustments to the income and expense items appearing
on the Form 1065 filed for Lily * * * [Partnership] for
the taxable year ending December 31, 1989. * * *
The above-referenced Exhibit A indicates simply, with regard
to the depreciation adjustment at issue for 1989, that
petitioner’s claimed depreciation expense relating to the Lily
Partnership is adjusted downward by $21,160.
On March 30, 1995, based on the above stipulation of settled
issues, a decision in the 1989 Fong case was entered by the
Court. The decision reflects a tax deficiency for petitioner for
1989 in the total amount of $1,386.
Nowhere in the stipulation of settled issues that was filed
or in the decision that was entered by this Court in the 1989
Fong case is there any explanation or information provided as to
the grounds for, the nature or terms of, or the underlying
agreement between petitioner and respondent that resulted in an
adjustment of $21,160 to petitioner's deductible share of the
depreciation expense of the Lily Partnership. Neither document
specifies the properties to which the agreed depreciation
adjustment relates, the tax bases of the properties, the
depreciation method agreed upon, the capitalization of expenses,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011