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Taxable Year Type of Tax Amount of Tax
1994 Corporate income tax $5,000
1995 Corporate income tax 5,000
1995 3rd quarter FICA taxes 25,000
1995 4th quarter FICA taxes 25,000
1995 4th quarter FUTA taxes 1,000
1996 1st quarter FICA taxes 12,500
Total 73,500
On April 14, 1997, after review of LGA’s tax returns, the
IRS determined that LGA owed neither the FICA nor the FUTA taxes
set forth in the above-mentioned proof of claim and filed a
pleading entitled “Notice of Withdrawal”.
In June 1996, the IRS commenced an audit of petitioner’s
1993-1995 corporate income tax returns. The audit was completed
on May 6, 1997, and it was determined that LGA owed additional
Federal income taxes for the fiscal years ended 1993 and 1994, as
follows:
Year Type of Liability Amount of Tax
1993 Corporate income tax $1,023.00
1993 Interest on unpaid income tax 253.65
1994 Corporate income tax 301,660.00
1994 Interest on unpaid income tax 49,530.28
Total 352,466.93
On May 26, 1997, the IRS prepared an amended proof of claim,
showing total deficiencies in taxes and interest in the total
amount of $352,466.93 for the fiscal years 1993 and 1994. The
IRS filed a motion for leave to reinstate and amend its
erroneously withdrawn proof of claim to claim the total tax
liabilities for the years 1993 and 1994 in the amount of
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Last modified: May 25, 2011