- 61 -
As to the phantom income, petitioners ask the Court
to order respondent to take into account "the income
Petitioners reported from the Roscrea Trust transaction
in later years and the overpayments that result from the
reporting of that income." (Emphasis added.) None of the
"later years", viz, 1987 through 1990, is before the Court
in this proceeding, however, and section 6214(b) deprives
us of jurisdiction to determine whether the tax for any
of those years has been overpaid or underpaid.
We do not agree with petitioners' argument that
application to 1984 of later years' overpayments (if
any) is necessary because otherwise "the amount of
the deficiency for 1984 will be incorrectly overstated
--in a manner inconsistent with this Court's Opinion".
The issue presented for decision in Robertson I was
whether petitioners were entitled to deductions in 1984
for accelerated depreciation on the computer equipment
purchased by Roscrea Trust and for the interest paid on
the indebtedness incurred by the Trust to purchase such
equipment. The deficiency computed in petitioners' 1984
tax, attributable to the disallowance of such deductions,
is not affected by the issue whether petitioners had
overstated their income in a later year by including rental
income from the equipment. In accordance with our annual
Page: Previous 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 NextLast modified: May 25, 2011