- 14 - Q Do you remember accepting liability or denying liability in that lawsuit? A I am assuming that if I went to the attorney I probably denied liability. Q Okay. Didn’t we speak about a week ago or so? A Yes. Q And in that conversation you told me that you deny liability? A I don’t remember if I said that to you. I probably said that to you, though. But you are asking me questions that I really, in my memory since, I don’t know. I can only tell you what I think. Mr. Norris further testified that at the time he prepared petitioner’s 1986 return, he believed it was accurate and correct and that he did not have any reason to believe that there was any error committed in the preparation of the return. When petitioner sued Mr. Norris for malpractice in 1992, Mr. Norris denied any liability in the malpractice proceeding. Finally, petitioner has not alleged that prior to the preparation of the 1986 return, he informed Mr. Norris that either Peat Marwick or the Macks asked petitioner to participate in recharacterizing a portion of the gain from the Hammermill stock transactions attributable to Bilzerian & Mack in order to accommodate the Macks’ tax planning objectives. Considering these circumstances, we do not find either petitioner or Mr. Norris credible with respect to their testimony in support of petitioner’s position that the $4 million omission was attributable to a mistake by Mr. Norris. Tokarski v. Commissioner, 87 T.C. at 77; see McCann v.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011