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claimed for 1991 through 1994, together with the carry forward of
the 1990 NOL attributable to petitioner's accounting practice,
eliminated the deficiency in income tax for 1994. Respondent’s
concession also resulted in no additions to tax and no accuracy-
related penalties for 1993 and 1994.
Based on the belief that the parties had reached a new basis
for settlement, respondent prepared a revised computation of
petitioner’s net operating losses for 1991 through 1994.
Petitioner rejected the revised computation and refused to sign
the decision document insisting that respondent allow him to
claim the same percentage of the 1990 net operating loss that had
been allowed for 1991 through 1994.
On September 2, 1999, respondent filed a Motion for Entry of
Decision. In the motion, respondent requested the Court to enter
a decision reflecting that there were no deficiencies in income
taxes due from, nor overpayments due to, petitioner for 1993 and
1994 and that there were no additions to tax and no accuracy-
related penalties due from petitioner for such years.
Respondent's motion relied heavily on LTV Corp. v. Commissioner,
64 T.C. 589 (1975).
Petitioner opposed respondent's motion. In petitioner’s
view, respondent's concessions did not address what petitioner
considered to be the real issue in this case, namely, the amount
of the NOL attributable to the horse activity that would be
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