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codified at sections 6221 through 6233. Estate of Quick v.
Commissioner, supra at 187-189.
In their Motion, petitioners allege that our conclusion that
the section 469 issue is an affected item within the meaning of
section 6231(a)(5) and accompanying regulations is incorrect as a
matter of law. Petitioner's Motion further alleges that, even if
the section 469 issue is an affected item, the Court nevertheless
should have ordered respondent to refund overpayments of taxes
paid for 1989 and 1990, as well as overpayments for 1987 and
1988, based on the "proper" computational adjustments to
petitioners' returns which respondent should have made after the
conclusion of the partnership level proceeding. Lastly,
petitioners' Motion alleges that we inconsistently decided that
the section 469 issue constitutes an affected item for 1989 and
1990 but is not an affected item for 1987 and 1988. Respondent
has filed an objection to petitioners' Motion, together with a
supporting memorandum of law.
Reconsideration under Rule 161 serves the limited purpose of
correcting substantial errors of fact or law and allows the
introduction of newly discovered evidence that the moving party
could not have introduced, by the exercise of due diligence, in
the prior proceeding. Westbrook v. Commissioner, 68 F.3d 868,
879-880 (5th Cir. 1995), affg. per curiam T.C. Memo. 1993-634;
see Lucky Stores, Inc. v. Commissioner, T.C. Memo. 1997-70;
Estate of Scanlan v. Commissioner, T.C. Memo. 1996-414. The
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