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Commissioner, 85 T.C. 359 (1985); Saigh v. Commissioner, 26 T.C.
171 (1956); Lee v. Commissioner, T.C. Memo. 1993-254.
The record in this case clearly shows that the stipulation
was read into the record and agreed to by petitioners and was
fairly and freely entered into by both parties. When the Court
asked petitioners whether they agreed with the stipulation,
petitioners responded, "Yes, your Honor." Petitioners also
understood the amount of net tax due resulting from the
agreement. The record includes no evidence or reasonable
argument to show that justice requires that petitioners be
relieved of their stipulation. Accordingly, we hold that the
parties' oral stipulation is binding and enforceable. Moreover,
we find that respondent's calculation of tax accurately reflects
the stipulation that was orally read into the record.
Therefore, we grant respondent's motion for entry of
decision and hold that petitioners are liable for a deficiency in
income tax for the year 1996 in the amount of $2,045.
To reflect the foregoing,
An appropriate order and
decision will be entered.
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Last modified: May 25, 2011