ICI Pension Fund, ICI Pensions Trustees Limited, Trustee - Page 1

                                    112 T.C. No. 8                                     

                               UNITED STATES TAX COURT                                 

              Petitioner v.COMMISSIONER OF INTERNAL REVENUE, Respondent                

               Docket No. 10030-97.                 Filed March 5, 1999.               

                    During 1991 and 1992, F, a non-U.S. pension fund,                  
               received dividends from U.S. corporations, net of U.S.                  
               income tax that was withheld thereon.  Relying on sec.                  
               1.6012-1(b)(2)(i), Income Tax Regs., F did not file tax                 
               returns for those years, taking the position that its                   
               "tax liability * * * [was] fully satisfied by the                       
               withholding of tax at source".  On Aug. 12, 1992, and                   
               June 28, 1993, F claimed refunds of the amounts                         
               withheld for 1991 and 1992, respectively, alleging it                   
               was tax exempt.  R refunded the amount of tax withheld                  
               for 1991 on or about Aug. 27, 1992, and refunded the                    
               amount withheld for 1992 on or about Aug. 11, 1993.                     
               Later, R determined that F was not tax exempt.  On                      
               Dec. 19, 1996, R issued notices of deficiency to F                      
               determining that F was liable for the refunded amounts.                 
               F argues primarily that the deficiency notices were not                 
               issued within the time period set forth in sec. 6501,                   
               I.R.C., because it was not required to file a return                    
               for either 1991 or 1992.  R argues primarily that the                   
               deficiency notices are timely under sec. 6501(c)(3),                    
               I.R.C., because F was required to file a return for                     
               both years and did not.                                                 

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