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Pursuant to the record and the 1996 stipulation, on
August 7, 1996, the Court also entered a decision (1996 decision)
redetermining the deficiency determinations as follows:
Taxable Year Ending Deficiency
Dec. 31, 1983 $6,780,478
Dec. 29, 1984 33,217,385
Dec. 28, 1985 86,323,660
Pursuant to the Court’s refund jurisdiction under section
6512(b)(1), the Court also concluded in the 1996 decision that as
to the 1985 tax year, petitioner had an overpayment of
$28,640,5165 in addition to the deficiency of $86,323,660.6
Subsequent Tentative Refunds
On September 9, 1996, petitioner submitted to respondent
another Form 1139 seeking tentative refunds (subsequent tentative
refunds) of $556,698, $14,045,138, and $49,907,010 for the 1983,
1984, and 1985 tax years, respectively. The subsequent tentative
refund for 1985 resulted from carrying back NOL's generated in
5 The overpayment of $28,640,516 resulted from the
difference between petitioner’s $86,651,835 tax liability
(consisting of a $328,175 tax shown on petitioner’s tax return
plus the $86,323,660 deficiency established by the Court) and the
combination of a $328,175 payment made with petitioner’s 1985 tax
return and the $114,964,176 advance tax payment for the 1985 tax
year.
6 Because respondent did not assess the advance tax
payments as a deficiency until Dec. 30, 1996, they were not part
of the deficiency computations. See sec. 6211(a).
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Last modified: May 25, 2011