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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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