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A. I do recall, and I will say that we did stop a
few times for you to converse with your attorney --
Q. Yes.
A. -- and your accountant, and that those -- if
that was discussed then, I wasn’t there, present.
Q. Okay. Did we -- I finally not give up and
sign because Faith Priest said that she would give me
consideration about my concerns with the stockholders
note being missing, and that if I could prove to her at
a later date, she would consider my concerns about the
stockholders notes, and all the debts being missing?
A. I don’t recall that being said.
Thus, even at the time of trial, petitioner recalled
expressing at the meeting (at least to his attorney) misgivings
about accepting the Form 4549-CG because he thought he should be
entitled to additional deductions. He recalled being convinced
by his lawyer and accountant to accept the changes and proceed
with the Form 4549-CG. Presumably, petitioner’s lawyer and
accountant recommended that he accept the agreement because of
the significant concessions offered by respondent (waiver of the
penalties). Petitioner’s own words at trial show he had a full
recollection of the agreement he signed and a full understanding
of its significance at the time he signed it.
We find that petitioner was competent to understand the
Forms 4549-CG that he signed, and we hold that the Forms 4549-CG
are binding on him. By signing the Forms 4549-CG, petitioner
waived his rights to dispute in the Tax Court his tax liabilities
for the tax years 1990 through 1993 prior to assessment; he
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