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* * * * * * *
TABLE 1 (In pertinent part)
TOTAL
ORDINARY SHORT TERM LONG TERM
YEAR ALLOWED GAIN (LOSS) GAIN (LOSS)
1980 (21,822) 22,966 3,104
After the parties executed the Closing Agreement, respondent
mailed to petitioners a proposed Decision and overpayment
Stipulation, together with the revised Computations. Respondent,
by letter, twice asked petitioners to execute and return the
proposed Decision and overpayment Stipulation. Petitioners did
not sign the proposed Decision and overpayment Stipulation.
Nearly 2 years after the Computations had last been revised
by the parties, petitioner advised respondent by letter that he
believed the proposed Decision document and related Computations
did not accurately reflect the terms of the Closing Agreement and
consequently were unacceptable. In essence, petitioner claimed
for the first time that the Closing Agreement did not mandate
inclusion of the guaranteed payment petitioner actually received
in 1980.
Section 7121(a) authorizes respondent to enter into an
agreement in writing with any person relating to the liability of
such person in respect of any internal revenue tax for any
taxable period. A Closing Agreement is binding on the parties as
to the matters agreed upon and may not be annulled, modified, set
aside, or disregarded in any suit, action, or proceeding, except
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