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tax for any taxable period.” Section 7121(b) provides, inter
alia:
SEC. 7121(b) Finality.-– * * * such agreement shall be
final and conclusive, and, except upon a showing of fraud or
malfeasance, or misrepresentation of a material fact-–
* * * * * * *
(2) in any suit, action, or proceeding, such
agreement * * * shall not be annulled, modified, set
aside, or disregarded.
An agreement under section 7121(a) is referred to as a
closing agreement, and it is not disputed that petitioner
executed such a closing agreement. The issue is whether he is
bound by that agreement. Petitioner essentially makes two
arguments. First, he contends that the agreement should be set
aside because of misrepresentation of material fact by
respondent.3 Second, he contends that, as we understand, under
the literal language of the agreement, he is not bound by the
agreement. We now turn to those issues.
Misrepresentation of a Material Fact
Petitioner contends that when he executed the closing
agreement his attorney, Mr. Kamerman, was told by Harris E.
Fisher (Mr. Fisher), the Appeals Officer handling his case, that
the Provizers were partners in RRA, when, in fact, they were
partners in another partnership, Clearwater. He further contends
3 Petitioner does not argue that respondent committed
fraud.
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Last modified: May 25, 2011