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Respondent issued a so-called affected items notice of
deficiency for the taxable year 1982. In the notice, respondent
determined that petitioner was liable for (1) additions to tax
for negligence under section 6653(a)(1) and (a)(2) in the amounts
of $620 and 50 percent of the interest due on $12,395,
respectively, and (2) an addition to tax for valuation
overstatement under section 6659 in the amount of $3,014.
The issues for decision are as follows:
(1) Whether respondent issued a valid affected items notice
of deficiency sufficient to toll the period of limitations for
assessment and collection. We hold that such a notice was
issued.
(2) Whether the execution of Form 4549 by the parties barred
respondent from subsequently issuing the affected items notice of
deficiency. We hold that the execution of Form 4549 did not bar
respondent from issuing such notice.
Petitioner concedes that he is liable for the additions to
tax in dispute if respondent prevails on the two enumerated
issues.
FINDINGS OF FACT
Some of the facts have been stipulated, and they are so
found. Petitioner resided in Lambertville, New Jersey, at the
time that his petition was filed with the Court.
Petitioner filed a joint income tax return with his then
wife Linda Evans for 1982, the taxable year in issue.
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