111 T.C. No. 14
UNITED STATES TAX COURT
HALLMARK CARDS, INCORPORATED AND SUBSIDIARIES, Petitioner
v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 27306-92. Filed October 30, 1998.
In a decision which has become final, this Court
determined that P had an overpayment of Federal income
tax for the taxable year 1987, due to a foreign tax
carryback from 1989. Prior to the application of the
carryback, P had a deficiency for 1987. P filed a
timely motion to redetermine interest under sec.
7481(c), I.R.C. Thereafter, P filed a motion for leave
to withdraw its earlier motion on jurisdictional
grounds. Held, this Court has jurisdiction over P's
motion to redetermine interest. Held, further, the
exercise of such jurisdiction is mandatory, and, thus,
P's motion to withdraw is denied. Held, further, P's
motion to redetermine interest is denied. Intel Corp.
& Consol. Subs. v. Commissioner, 111 T.C. 90 (1998).
Jerome B. Libin, James V. Heffernan, Bradley M. Seltzer, and
James B. Overman, for petitioner.
Michael L. Boman, for respondent.
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