112 T.C. No. 8
UNITED STATES TAX COURT
ICI PENSION FUND, ICI PENSIONS TRUSTEE LIMITED, TRUSTEE,
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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