- 2 - be entered is not reviewable by any other court, and this opinion should not be cited as authority. Respondent determined deficiencies in petitioner's Federal income taxes and penalties for fraud under section 6663 for the taxable years 1989, 1990, and 1991. After concessions by respondent,2 the issue for decision is whether petitioner overpaid his income tax for 1989. The resolution of this issue turns on whether petitioner sustained a business loss or a personal casualty loss in an amount greater than that conceded by respondent. We hold that petitioner did not; accordingly, we also hold that petitioner did not overpay his income tax for 1989. Background Some of the facts have been stipulated, and they are so found. 2 Prior to trial, respondent conceded the fraud penalty for each of the years in issue. As a consequence, respondent also conceded the deficiency in income tax for each of those years. See generally sec. 6501 relating to periods of limitations on assessment and collection. Insofar as petitioner’s overpayment claim for 1989 is concerned, respondent concedes that petitioner is entitled to a deduction for a casualty loss for that year of $55 (after taking into account the $100 limitation of sec. 165(h)(1) and the 10- percent limitation of sec. 165(h)(2)(A)). However, respondent does not concede that petitioner overpaid his income tax for 1989 because allowance of the $55 deduction has no tax effect, petitioner having claimed the standard deduction for that year.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