- 5 -
adjustment is attached and marked as exhibit A.” The exhibit
labeled “A” and attached to the petition is the 67-page FSAA.5
Petitioner has not sought to amend the petition. We
conclude that petitioner has admitted that the 67-page FSAA is
the FSAA in the case at bar and that petitioner is bound by that
admission. Cf. Am. Title Ins. Co. v. Lacelaw Corp., 861 F.2d
224, 226 (9th Cir. 1988). Accordingly, there is no material
issue of fact as to which document is the FSAA in this case--it
is the 67-page FSAA petitioner attached to the petition. Rule
121(b).
B. What Issues Did Respondent Raise in the FSAA?
Petitioner contends that even if the FSAA is the 67-page
FSAA, respondent did not determine that KRP is liable for the
built-in gains tax in the FSAA. Respondent contends that he
determined in the FSAA a built-in gains tax of $136,107 for 1995
as a subchapter S item.6
In the FSAA, respondent determined, among other things, that
5 The 67-page FSAA is the only exhibit attached to the
petition. Each page is stamped “EXHIBIT _____ PAGE ___ OF ___”.
On each page, the blank after “EXHIBIT” has the letter “A”
written in it, the blank after “PAGE” is sequentially numbered
from 1 to 67, and the blank after “OF” has the number 67 written
in it.
6 A subch. S item is any item of an S corporation to the
extent regulations provide that the item is more appropriately
determined at the corporate level than at the shareholder level.
Sec. 6245; N.Y. Football Giants, Inc. v. Commissioner, supra at
155.
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