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Additions to tax
Sec. Sec. Sec.
6653(a)(1) 6653(a)(2) 6659
Year
1982 $1,162 1 $5,236
1983 10 1 —
1 50 percent of the interest payable with
respect to the portion of the underpayment
that is attributable to negligence or
intentional disregard of rules or regulations.
The underpayments for the years in issue were
determined and assessed pursuant to a partnership-
level proceeding. See secs. 6221-6233. In the
present cases, respondent determined that the
entire underpayment for each of the years in
issue is attributable to negligence or intentional
disregard of rules or regulations.
Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the taxable years in
issue, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
After concessions by petitioners,1 the issues for decision
1 Petitioners do not contest that the Sentinel EPS recyclers
that are involved in these cases were overvalued. See Gottsegen
v. Commissioner, T.C. Memo. 1997-314; see also Ulanoff v.
Commissioner, T.C. Memo. 1999-170. Petitioners therefore concede
(in par. 1. of the stipulation of facts) that they are liable for
the addition to tax for valuation overstatement under sec. 6659
for 1982. To the extent that petitioners’ concession may not
extend to sec. 6659(e), and assuming arguendo that petitioners
properly raised an issue under that section, then we decide such
issue in respondent’s favor. See, e.g., Addington v.
Commissioner, 205 F.3d 54, 62 (2d Cir. 2000), affg. Sann v.
Commissioner, T.C. Memo. 1997-259; Ulanoff v. Commissioner,
supra.
(continued...)
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Last modified: May 25, 2011