Charles Jerome Posnanski - Page 6

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          petitioner was sentenced to pay a fine of $30,000.  At the                  
          arraignment, plea, and sentencing of petitioner, the presiding              
          United States District Court Judge declared the following as one            
          of the conditions of petitioner’s criminal sentence:                        
               You must cooperate with the I.R.S. and submit all                      
               delinquent tax returns and pay all back taxes and                      
               interest at the direction of the Probation Officer.                    
               The Court should note in regard to this condition that                 
               in determining the sentence that–-the amount of tax                    
               penalties, civil penalties, the distressed sale of the                 
               bank, all of these are consequences that flow from your                
               action, and are ones that I think are appropriately                    
               taken into account by the Court.                                       
               On September 8, 1998, respondent issued a notice of                    
          deficiency to petitioner for the years 1989, 1990, 1991, 1992,              
          and 1993.  The deficiency amounts were higher than in the                   
          addendum to the plea agreement because the tax stated as due in             
          the addendum did not include the additional income tax resulting            
          from adjustments to petitioner’s 1990, 1991, 1992, and 1993                 
          income tax liabilities for claiming false mortgage interest                 
          deductions.  Additionally, the notice of deficiency determined a            
          fraud penalty for each of the years in issue.  The total                    
          deficiency determined by respondent for all 5 years is $24,535, a           
          $9,391.76 difference from the tax liability of $15,143.24 set               
          forth in the addendum to the plea agreement.  Petitioner has                
          conceded the amount of the underpayments set forth in the notice            
          of deficiency.                                                              
               In separate letters dated March 7, 2000, and submitted in              

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