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(late filing of tax return) and 6651(a)(2)(late payment of
liability shown on tax return) against petitioner in the amounts
of $1,732,348, $530,094, and $297,523,2 respectively. By
amendment to petition, petitioner claims an overpayment of estate
tax. After concessions by both sides, the issues for decision
are as follows:
(1) What the fair market values were of four of
decedent’s real properties on the date of decedent’s death;
(2) whether petitioner is liable for an addition to tax
under section 6651(a)(1); and
(3) whether petitioner is liable for an addition to tax
under section 6651(a)(2).
FINDINGS OF FACT
In General
Some of the facts have been stipulated; the stipulations and
the stipulated exhibits are incorporated herein by this
reference.3
2 In the notice of deficiency, the amount of the addition to
tax under sec. 6651(a)(2) was determined as $297,523 “computed to
the date of this notice” (Feb. 3, 1997), plus 0.5 percent per
month, to a maximum of 25 percent. The proper amount is to be
determined in the computation under Rule 155.
Unless indicated otherwise, all Rule references are to the
Tax Court Rules of Practice and Procedure.
3 At trial, respondent raised certain relevance objections to
petitioner’s Exhibits 5 through 8 and 10 through 18. The Court
(continued...)
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