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OPINION
TANNENWALD, Judge: On January 28, 1997, the Court entered a
decision in the instant case, which became final within the
meaning of section 7481(a)1 on April 28, 1997. On March 26,
1998, petitioner timely filed a motion under section 7481(c) and
Rule 261 to redetermine interest on deficiency for the taxable
year 1987 (motion to redetermine interest). Subsequently, on
August 27, 1998, petitioner filed a motion for leave to withdraw
motion to redetermine interest on deficiency (motion to
withdraw). Petitioner filed its motion to withdraw in order to
pursue remedies in another forum, citing concerns about this
Court's jurisdiction to redetermine interest under the facts of
the instant case.
Petitioner is a corporation whose principal offices were in
Kansas City, Missouri, at the time its petition was filed. The
Court's decision, pursuant to the stipulation of the parties,
determined that there were overpayments for each of the taxable
years 1987 and 1988. According to the stipulation, the
overpayment for 1987 was due to a foreign tax carryback from
1989. The amount of the carryback exceeded the amount of the
deficiency (as shown in the stipulation) computed without taking
such foreign tax carryback into effect. Petitioner has paid the
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code as amended, and all Rule references are
to the Tax Court Rules of Practice and Procedure.
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Last modified: May 25, 2011