- 18 -
To reflect the foregoing,
An appropriate order will
be issued.
16(...continued)
Commissioner, 67 T.C. 612, 617 (1977)). The burden of proof is
on the party claiming estoppel against the Government. Rule
142(a); Hofstetter v. Commissioner, supra at 701.
A key element required for an estoppel is reasonable
reliance on the acts or statements of the one against whom
estoppel is claimed. Norfolk S. Corp. v. Commissioner, 104 T.C.
13, 60 (1995), affd. 140 F.3d 240 (4th Cir. 1998); Hofstetter v.
Commissioner, supra at 700. Although respondent provided
participants with information about the original settlement
agreements, participants were not entitled to rely upon this
information as a legal guaranty from respondent that such
settlement agreements would fit squarely within the requirements
of sec. 6224(c)(2) and the temporary regulation. Moreover, even
if participants did so rely, their reliance was not reasonable.
Thus, participants have not shown that estoppel applies against
respondent.
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