Florida Industries Investment Corporation and Subsidiaries - Page 46




                                        - 46 -                                         
               Respondent determined that petitioners are liable for the               
          addition to tax under section 6651(a)(1) for each of the taxable             
          years at issue except for the taxable year ended February 28,                
          1993.  In support of petitioners' position that respondent's                 
          determinations are wrong, petitioners assert only:  "Petitioners             
          believe that no additional tax is due and owing, and that there-             
          fore no deficiency penalties apply with respect to any year                  
          because of the operation of the net operating loss carryover."               
               We have sustained respondent's determinations in the notice             
          regarding petitioners' consolidated return positions under                   
          section 1031 and under section 1033, and petitioners conceded all            
          of the remaining determinations in the notice in the stipulation             
          of settled issues that the parties filed in this case (stipula-              
          tion of settled issues).  On the record before us, we find that              
          petitioners have failed to show that respondent erred in making              
          the determinations in the notice under section 6651(a)(1).                   
          Consequently, we sustain those determinations.                               
          Accuracy-Related Penalty Under Section 6662(a)                               
               Respondent determined that petitioners are liable for the               
          accuracy-related penalty under section 6662(a) for each of the               
          taxable years at issue except the taxable year ended February 28,            
          1993.  Petitioners contend that those determinations are wrong               
          because (1) "no additional tax is due and owing, and * * *                   
          therefore no accuracy related penalty applies"; (2) "there was               
          substantial authority for the position taken on the consolidated             




Page:  Previous  31  32  33  34  35  36  37  38  39  40  41  42  43  44  45  46  47  48  49  50  Next

Last modified: May 25, 2011