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stipulation of facts and several hours of testimony by petitioner
Sheila Olsen, the Court called a recess. The parties then met to
confer and negotiate in private. When the Court recalled the
case, counsel for respondent announced that the parties had
reached a settlement. Respondent's counsel read the oral
stipulation of settlement into the record as follows:
Following along the notice of deficiency, there was
unemployment compensation of $423, which the
petitioners agree belongs in their income. * * * There
were Schedule C other expenses of $4,071. The
petitioners agree they're not allowed those expenses.
There was a depreciation Schedule C expense allowed of
$881 to the taxpayer's credit. Petitioners agree they
will not take that additional depreciation. And the
petitioners agree that they are not entitled to $5,280
of rent that was previously allowed. This will result
in an increased deficiency.
Respondent's counsel further noted that there was no penalty
in the notice of deficiency, and under the stipulated settlement
there still are no penalties. The Court then asked petitioners
whether the oral stipulation, as read into the record by
respondent's counsel, was satisfactory. Petitioners each
replied, "Yes, your Honor."
The Court then ordered the parties to submit a written
stipulation for decision within 30 days. The Court further
stated that the Court would entertain a motion for entry of
decision if the Court did not receive a stipulation for decision.
The Court again inquired whether petitioners understood the
Court's insistence on a stipulation for decision and its
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Last modified: May 25, 2011