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Petitioners do not assert that the differences between the
February 12, 1999, remittances and the deficiencies in issue
constitute overpayments for petitioners’ 1993, 1994, and 1995
Federal gift tax years. Indeed, petitioners contend that no
overpayments exist in the instant case. We treat as a concession
the contention that the February 12, 1999, remittances did not
create any overpayment in petitioners’ Federal gift tax for the
years in issue. See Schladweiler v. Commissioner, T.C. Memo.
2000-351, n.3, affd. 28 Fed. Appx. 602 (8th Cir. 2002); see Wynn
v. Commissioner, T.C. Memo. 1996-415, n.11.
6(...continued)
7463, if the Tax Court finds that there is no
deficiency and further finds that the
taxpayer has made an overpayment of income
tax for the same taxable year, of gift tax
for the same calendar year or calendar
quarter, of estate tax in respect of the
taxable estate of the same decedent, or of
tax imposed by chapter 41, 42, 43, or 44 with
respect to any act (or failure to act) to
which such petition relates for the same
taxable period, in respect of which the
Secretary determined the deficiency, or finds
that there is a deficiency but that the
taxpayer has made an overpayment of such tax,
the Tax Court shall have jurisdiction to
determine the amount of such overpayment, and
such amount shall, when the decision of the
Tax Court has become final, be credited or
refunded to the taxpayer. If a notice of
appeal in respect of the decision of the Tax
Court is filed under section 7483, the
Secretary is authorized to refund or credit
the overpayment determined by the Tax Court
to the extent the overpayment is not
contested on appeal.
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