- 36 -
In view of the foregoing, we sustain respondent's
determination that petitioner is liable for the addition to tax
for valuation overstatement under section 6659 for each of the
years in issue.
Other Matters
Petitioner's final contention to be considered is that
respondent is precluded from making an assessment for the taxable
year 1982 because respondent initially issued a no-change letter
for that year.
Petitioner cites no cases in support of his position. We
observe that petitioner's position is clearly contrary to well-
established law that issuance of a no-change letter generally
does not preclude respondent from subsequently issuing a notice
of deficiency. See Opine Timber Co. v. Commissioner, 64 T.C. 700
(1975), affd. without published opinion 552 F.2d 368 (5th Cir.
1977); Lawton v. Commissioner, 16 T.C. 725, 727 (1951); see also
Collins v. Commissioner, 61 T.C. 693, 700-701 (1974); Fitzpatrick
v. Commissioner, T.C. Memo. 1995-548.
For respondent's no-change letter to be binding, petitioner
must show the elements of estoppel. See Fitzpatrick
v. Commissioner, supra. However, petitioner does not allege or
argue estoppel, nor does the record provide any basis for such a
claim. Further, the no-change letter does not in any manner
constitute a closing agreement. See sec. 7121; sec. 301.7121-
1(d), Proced. & Admin. Regs.
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