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admitted in the plea agreement that he had willfully failed to
supply information on his tax returns for 1988 and 1989 about
$180,485 and $96,066, respectively, of gains from sales of OPCS
stock.
On March 28, 1996, the U.S. District Court for the Western
District of North Carolina, Judge Graham C. Mullen (Judge Mullen)
presiding, accepted petitioner's guilty plea. On April 22, 1996,
judgment was entered against petitioner pursuant to his guilty
plea.
G. State Bar Grievance Committee Proceedings
In 1996, the Grievance Committee of the North Carolina State
Bar Association decided there was not probable cause to initiate
disciplinary action against petitioner as a result of
petitioner’s conviction.
H. Notice of Deficiency
On November 21, 1997, respondent issued a notice of
deficiency to petitioners for 1988 and 1989. In it, respondent
determined that petitioners had capital gains of $626,619 in 1988
and $514,850 in 1989, which was $180,492 more than petitioners
had reported for 1988 and $96,067 more than they had reported for
1989. Respondent also determined that petitioners were liable
for additions to tax and a penalty for overvaluation of their
OPCS stock under section 6659 for 1988 and for fraud for 1988 and
1989.
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