ICI Pension Fund, ICI Pensions Trustees Limited, Trustee - Page 2




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                    Held: The deficiency notices are timely because F                  
               failed to file 1991 and 1992 income tax returns.  The                   
               provision in sec. 1.6012-1(b)(2), Income Tax Regs., upon                
               which F relies is inapplicable because:  (1) F's tax                    
               liability for the years was not "fully satisfied" and (2) F             
               claimed overpayments of tax.                                            


               K. Peter Schmidt, for petitioner.                                       
               Gary D. Kallevang, for respondent.                                      


                                       OPINION                                         

               LARO, Judge:  ICI Pension Fund, ICI Pensions Trustee                    
          Limited, Trustee, moves for summary judgment, asserting that                 
          section 6501 does not allow respondent to assess tax for either              
          year in issue.  Respondent moves for partial summary judgment,               
          asserting primarily that the notices of deficiency are timely                
          under section 6501(c)(3).  Respondent issued the notices of                  
          deficiency to ICI Pension Fund, ICI Pensions Trustee Limited,                
          Trustee, on December 19, 1996, after determining deficiencies in             
          the 1991 and 1992 income tax of ICI Pension Fund (Fund).                     
               We must decide whether the notices of deficiency are timely.            
          We hold they are.  Unless otherwise indicated, section references            
          are to the Internal Revenue Code in effect for the subject years.            
          Rule references are to the Tax Court Rules of Practice and                   
          Procedure.  Dollar amounts are rounded to the nearest dollar.                
                                      Background                                       
               The Fund is a trust with its principal office in London,                
          United Kingdom.  Its trustee is ICI Pension Trustee Limited                  

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