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At the time that Mr. McWade submitted the above-described
decision document to the Court, respondent's legal file did not
include any explanation of the elimination of the Alexanders'
deficiencies for the taxable years 1974 and 1975. The Court
entered the parties' stipulated decision in docket No. 2758-80 on
April 13, 1989.
On April 6, 1989, Mr. McWade also executed a stipulated
decision in docket No. 30413-86, approved by Mr. Sims, conceding
in full the deficiencies determined against the Alexanders for
the taxable years 1976 and 1977 as follows:
ORDERED AND DECIDED: That there are no
deficiencies in income taxes due from, or overpayments
due to, the petitioners for the taxable years 1976 and
1977;
That there are no additions to the taxes due from
the petitioners for the taxable years 1976 and 1977,
under the provisions of I.R.C. � 6653(a); and
That there are no additions to the taxes due from
the petitioners for the taxable years 1976 and 1977,
under the provisions of I.R.C. � 6621(c).
On April 6, 1989, Messrs. Sims and McWade signed a Counsel
Settlement Memorandum relating to the Alexanders’ case at docket
No. 30413-86, which states as follows:
The above-entitled case is being settled on the
basis that there are no deficiencies in income taxes
due from, nor overpayments due to, the petitioners for
the taxable years 1976 and 1977.
Discussion: The above-entitled case is part of
the Kersting interest deduction tax shelter program.
The basis for settlement represents allowance of
petitioners’ out-of-pocket expense, approximately 7% of
the deficiency, and concession of penalties for
settlement purposes.
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