- 4 -
references are to the Tax Court Rules of Practice and Procedure.
For convenience, monetary amounts have been rounded to the
nearest dollar.
FINDINGS OF FACT4
Some facts are stipulated and are so found. The stipulation
of facts, with accompanying exhibits, is incorporated herein by
this reference.
4 In part, Rule 151 provides as follows:
RULE 151. BRIEFS
* * * * * * *
(e) Form and Content: * * *
* * * * * * *
(3) * * * In an answering or reply brief, the party
shall set forth any objections, together with the reasons
therefor, to any proposed findings of any other party,
showing the numbers of the statements to which the
objections are directed; in addition, the party may set
forth alternative proposed findings of fact.
Petitioners have filed an answering brief, but petitioners
have failed therein to set forth objections to the proposed
findings of fact made by respondent. Accordingly, we must
conclude that petitioners have conceded respondent's proposed
findings of fact as correct except to the extent that
petitioners’ proposed findings of fact are clearly inconsistent
therewith. See Estate of Freeman v. Commissioner, T.C. Memo.
1996-372; Fein v. Commissioner, T.C. Memo. 1994-370; Estate of
Stimson v. Commissioner, T.C. Memo. 1992-242; Cunningham v.
Commissioner, T.C. Memo. 1989-260.
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