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A petition was filed timely challenging all of respondent's
determinations. No overpayments of tax were alleged in the
pleadings. The case has never proceeded to trial. Two
stipulations of settled issues have been filed by the parties.
One of the stipulations includes an agreement by the parties to
be bound by the outcome of a then pending case. The decision in
that case has since become final. The other stipulation resolves
all of the other issues in the present case.
Petitioner was a resident of California when the petition
was filed.
The parties agree that, in accordance with the stipulations
of settled issues, the deficiencies in tax are $297,478 and
$168,178, respectively, for 1980 and 1981; there is no addition
to tax due from petitioner for 1980 under section 6653(a); there
is no addition to tax due from petitioner for 1981 under section
6653(a)(1) and (2); and, for the years 1980 and 1981, $295,309
and $167,178, respectively, are substantial underpayments
attributable to tax-motivated transactions and thus subject to
increased interest under section 6621(c). The parties do not now
question these amounts.
At issue is whether this Court has jurisdiction to apply, to
petitioner's 1980 tax year, the portion of an overpayment by
petitioner for his 1973 tax year that respondent applied to an
unpaid assessed tax liability for petitioner's 1975 tax year.
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Last modified: May 25, 2011