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Held: R’s assertion of transferee liability is
not barred by the period of limitations set forth in
the California Uniform Fraudulent Transfer Act.
Bresson v. Commissioner, 111 T.C. 172 (1998), followed.
Held, further, P is liable as a transferee to the
extent of the value of the assets received, plus
interest thereon as provided by law.
Joseph E. Mudd and Jeri L. Gartside, for petitioner.
Jeffrey A. Schlei, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
NIMS, Judge: Respondent determined that petitioner is
liable to the extent of $73,500.50 as a transferee of assets from
Frederick A. Espinosa for the following income tax deficiencies
and additions to tax, for the taxable years 1981, 1982, 1984, and
1985:
Additions To Tax
Taxable Net1 Tax Sec. Sec. Sec. Sec.
Year Deficienc 6651(a)(1 6653(a)(1 6654 6661
y ) )
1981 $56,172 $14,043 $5,814 $3,153 --
1982 50,077 12,519 5,655 3,341 $10,015
1984 5,169 1,292 9,382 2,287 5,465
1985 14,671 3,668 9,661 1,668 8,194
1 The statement attached to the notice of transferee liability explaining
petitioner’s liability for Mr. Espinosa’s taxes expresses the deficiency in terms of
the “net” deficiency existing after subtraction of withholding. We adopt this
convention throughout our opinion.
Respondent additionally asserted in the notice of transferee
liability that the interest due from Mr. Espinosa on the above
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