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which referred to petitioners collectively as "Scott", stated in
pertinent part:
NOW, THEREFORE, IT IS HEREBY DETERMINED AND AGREED
for Federal Income Tax purposes, that:
1. The amount realized from AST upon the sale of
* * * MSSTA's assets was $801,820 resulting in an
additional Federal income tax liability of MSSTA in
taxable year 1989 of $164,981.
2. The value of the consulting and covenant not
to compete agreements between AST and Carter was
$325,016. The additional amount paid to Carter of
$199,984 by AST was an amount realized by MSSTA for
MSSTA's assets.
3. A portion of the 12,300 shares of AST stock
transferred to Scott and a portion of the consulting
fee paid to Scott were amounts realized by MSSTA for
MSSTA's assets. The value of the AST stock transferred
and the consulting fee paid to Scott for MSSTA's assets
was $199,652.
4. This agreement makes no determination with
respect to whether one or more of these parties
(Carter, Scott, or AST) is personally liable as a
transferee for any additional Federal income tax
liability of MSSTA.
5. Carter, Scott, AST, MSSTA and the Internal
Revenue Service agree that in the event one or more of
these parties (Carter, Scott, and/or AST) is found to
be personally liable as a transferee, the liability is
$164,981 plus interest from March 15, 1990.
The total amount of (1) that portion of the value of the 6,150
shares of AST stock issued by AST to Mr. Scott and (2) the
consulting fee paid to him, which total amount was an amount
realized by MSSTA for MSSTA's assets, was $104,580. The amount
of the value of that portion of the 6,150 shares of AST stock
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