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MEMORANDUM OPINION
NIMS, Judge:
Procedural Background
This matter is before the Court on respondent’s Motion for
Leave To File Amended Answer. Such motion was filed on October
3, 2000, and respondent’s proposed amended answer was lodged as
of the same date. On October 23, 2000, petitioners filed an
opposition to respondent’s motion. Thereafter, on November 15,
2000, a hearing was held to address respondent’s motion and
petitioners’ objections. The Court requested posthearing
briefing with respect to a particular issue raised by the
contentions and exhibits presented. Accordingly, opening briefs
were filed in December of 2000, and reply briefs were filed in
January of 2001. It is on the basis of these aforementioned
moving papers and subsequent submissions, written and oral, that
we decide respondent’s motion. Factual information drawn from
such materials is accepted solely for the purpose of considering
the pending motion, and recitations thereof set forth below do
not constitute findings of fact in this case1.
In the notice of deficiency issued to petitioners in
December of 1995, respondent determined, among other things, that
petitioners received subpart F income which was not reported on
their returns for the taxable years 1988 and 1989. More
1Unless otherwise indicated, all section references are to
sections of the Internal Revenue Code in effect at all relevant
times hereunder. All Rule references are to the Tax Court Rules
of Practice and Procedure.
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