Loren H. Schwechter - Page 2




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               1.  Whether the limitations period for assessing taxes for             
          the years 1988 and 1989 has expired.  We hold that it has not.              
               2.  Whether petitioner has made overpayments with respect to           
          1988 and 1989.  We hold that he has, to the extent provided.                
               3.  Whether any credits or refunds of overpayments made by             
          petitioner with respect to 1988 and 1989 are allowable.  We hold            
          they are not.                                                               
               Some of the facts have been stipulated and are so found.  We           
          incorporate by this reference the stipulation of facts and the              
          attached exhibits.  At the time of filing the petition,                     
          petitioner resided in Miami, Florida.                                       
               The dispute in this case centers upon whether petitioner               
          timely filed his Federal income tax returns for years 1988 and              
          1989 or otherwise made a timely claim for refund for those years.           
          Petitioner claims to have filed his 1988 and 1989 returns prior             
          to the filing deadlines, including extensions, and that                     
          accordingly, the notice of deficiency issued by respondent in May           
          1995 with respect to those years was untimely.  Petitioner offers           
          no other argument or evidence to dispute the amount of the                  
          deficiencies determined for 1988, 1989, or 1991.  Petitioner                
          further claims that he is entitled to refunds for certain                   
          overpayments made with respect to 1988 and 1989 because he timely           
          filed returns or made timely claims for refund through                      
          correspondence sent to respondent.  Respondent contends, and his            






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