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Their deficiency and overpayment computations follow below:
Respondent’s 1985
Deficiency Computation1
Tax liability $45,560,035
Tax on return $328,175
Amounts assessed
as a deficiency 86,323,660
Tax assessed
and paid 286,651,835
-Reductions (49,907,010)
-Net tax assessed and paid (36,744,825)
Deficiency 8,815,210
Petitioner’s 1985
Overpayment Computation1
Tax assessed and paid 2$86,651,835
-Tax liability (45,560,035)
Overpayment 41,091,800
1 We have slightly altered respondent’s and
petitioner’s presentations for comparison
purposes.
2 Petitioner made a $328,175 payment with its
1985 tax return and a $114,964,176 payment in
anticipation of our 1996 decision. Petitioner’s
tax assessed and paid of $86,323,660 is net of
$28,640,516 returned to petitioner by respondent
(i.e., $328,175 + $114,964,176 - $28,640,516).
The parties agree that petitioner’s tax liability for 1985
equals $45,560,035, but they interpret the 1996 and 1999
stipulations differently in determining the deficiency and/or
overpayment for 1985. Although the NOL carrybacks, which
11(...continued)
characterize the sum of the amount shown as a tax on the return
and the amounts previously assessed as a deficiency as the “tax
assessed and paid” by petitioner. We use the same terminology in
this opinion as a shorthand reference to the sec. 6211(a)(1)
figure. Using a computational format, a deficiency may therefore
be expressed as follows:
Tax liability - (tax assessed and paid - rebates).
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