- 4 - agreement under the provisions of section 7121.3 Holland v. Commissioner, 70 T.C. 1046, 1048-1049 (1978), affd. 622 F.2d 95 (4th Cir. 1980); Hudock v. Commissioner, 65 T.C. 351, 362 (1975). The statutory procedure is ordinarily the exclusive method by which the Commissioner may be finally and conclusively bound. Botany Worsted Mills v. United States, 278 U.S. 282, 288 (1929); Estate of Meyer v. Commissioner, 58 T.C. 69, 70-71 (1972). "The very fact that Congress has provided a way in which the Internal Revenue Department may bind itself, precludes the possibility of its being bound by some other procedure." Knapp-Monarch Co. v. Commissioner, 139 F.2d 863, 864 (8th Cir. 1944), affg. 1 T.C. 59 (1942). In the instant case, petitioners did not enter into any agreement with respondent with respect to their 1993 taxable year, let alone a closing agreement pursuant to the provisions of section 7121 and the regulations thereunder. Further, respondent's acceptance and cashing of the check tendered by petitioner did not constitute an accord and satisfaction of petitioners' tax liability for 1993. Johnston v. Commissioner, 19 B.T.A. 630 (1930); Whitaker v. Commissioner, T.C. Memo. 1994- 109; Kehew v. Commissioner, T.C. Memo. 1983-354. 3 Sec. 7121(b) provides an exception to this rule upon a showing of fraud, or malfeasance or misrepresentation of a material fact.Page: Previous 1 2 3 4 5 Next
Last modified: May 25, 2011