117 T.C. No. 15
UNITED STATES TAX COURT
NEW YORK FOOTBALL GIANTS, INC., Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 8563-00. Filed October 30, 2001.
Respondent (R) sent petitioner (P), an S
corporation, a notice of deficiency in which R
determined that P was subject to the built-in gains tax
under sec. 1374, I.R.C., for payments P received in
fiscal years 1996, 1997, and 1998. R issued no notice
of final S corporation administrative adjustment to P
for fiscal years 1996 or 1997.
R contends that the notice of deficiency is
invalid as to fiscal years 1996 and 1997 and prohibited
by secs. 6225 and 6244, I.R.C., for those years because
the built-in gains tax is a subchapter S item, sec.
301.6245-1T, Temporary Proced. & Admin. Regs., 52 Fed.
Reg. 3003 (Jan. 30, 1987), that must be determined in a
unified audit and litigation procedure for an S
corporation.
P contends that the built-in gains tax is not a
subchapter S item and that sec. 301.6245-1T, Temporary
Proced. & Admin. Regs., is invalid.
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