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attorneys, Anthony G. Scariano and Justino D. Petrarca, and a
certified public accountant, Michael J. Moxley.
Petitioner and Wynne continued to practice medicine together
until they were divorced in March of 1984.
On March 27, 1984, petitioner filed a separate tax return
for his taxable year 1982. The next month, acting on advice from
one of his advisers, petitioner sent to the IRS a $20,400
remittance with respect to his and Wynne’s Federal income tax
account for 1980. The IRS prepared a voucher, with a handwritten
entry reflecting this amount as a “cash bond”. A section of the
voucher was also checked, indicating that the amount was an
“Advance payment on deficiency”. The voucher did not have a
separate section for indicating that the remittance was in the
nature of a cash bond or a deposit.
Petitioner’s representative, Mr. Mack, met with respondent’s
agent Neubauer on June 29, 1984, to discuss issues relating to
petitioner’s taxes. On July 24, 1985, respondent issued an
examination report to petitioner and to Wynne for their 1980 tax
year, indicating, inter alia, that they had a deficiency in
income tax of $91,086.
On August 20, 1985, petitioner executed his third power of
attorney, this time naming Glenn Aquino, a certified public
accountant with the accounting firm Coopers & Lybrand. On the
same date, Mr. Aquino filed a protest with respondent on behalf
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