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interest. All Rule references are to the Tax Court Rules of
Practice and Procedure. The Court agrees with and adopts the
opinion of the Special Trial Judge which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
DEAN, Special Trial Judge: On May 6, 1999, respondent
issued a notice of final determination denying petitioner’s claim
to abate interest for the taxable years 1992 and 1993.
Petitioner challenged the determination by timely filing a
petition under section 6404(i), as in effect at the time the
petition was filed, and Rule 281.
The issue for decision is whether petitioner is entitled to
abatement of interest assessments from October 20, 1994, through
the present date with respect to his 1992 and 1993 taxable years.
Background
The stipulation of facts and the accompanying exhibits are
incorporated herein by reference. Petitioner resided in Bayside,
New York, at the time his petition was filed with the Court.
Petitioner emigrated from Hong Kong to live in the New York
City area in 1988. On April 11, 1991, Kin Sang Chan, Inc.
(KSCI), was incorporated with petitioner acting as the sole
shareholder and president. KSCI traded stocks for profit solely
on the Hong Kong Stock Exchange. KSCI obtained funds to purchase
stocks by using credit cards and a line of credit from the Hang
Seng Bank of China. The line of credit was secured by a security
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