- 2 - extensions of the time within which the parties were to provide the Court with a decision document reflecting their settlement, petitioners, on October 20, 1998, filed a motion to calendar for trial, alleging that the settlement was disabled because of a mutual mistake or an affirmative misrepresentation concerning respondent’s position. The questions we must consider are whether the parties had a binding settlement, and, if they did, whether petitioners remain bound to the terms of the parties’ agreement. If either question is decided favorably for petitioners, then petitioners will be relieved from the agreement to settle. Background On several occasions, the parties reported to the Court that a basis for settlement had been reached in this case. No document setting forth the particulars of the settlement was provided to the Court. The settlement agreement, as described by respondent, was that respondent would concede the increased deficiency claimed in the amendment to answer and petitioners would concede the deficiency determined in the notice of deficiency. The parties’ concessions concern corporate stock that was part of the gross estate. The issue of which petitioners complain involves the amount of discount to the value of corporate stock that would be attributable to possible capital gains tax on the sale or liquidation of the corporation’s assets.Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011