Dean and Rosalie Monahan - Page 4




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          Barrister and a limited partnership that also was a party in                
          Anderson Equip. Associates v. Commissioner, supra.                          
               Our opinion in Chimblo v. Commissioner, supra, was filed in            
          December of 1997.  Therein, we sustained respondent’s imposition            
          of sections 6653(a)(1), (a)(2), and 6661 additions to tax.                  
               On March 16, 1998, in the instant case, petitioners and                
          respondent entered into a settlement stipulation, referred to by            
          the parties as a piggyback agreement, which provided that all of            
          the issues in the instant case would be resolved on the same                
          basis as those issues are finally resolved in Chimblo v.                    
          Commissioner, supra.  The stipulation specifically stated as                
          follows:                                                                    

                         All of the remaining issues in this case                     
                    shall be resolved on the same basis and by                        
                    application of the same formula as that which                     
                    resolves the like issues in the case in this                      
                    Court of Catherine Chimblo and Estate of Gus                      
                    Chimblo, Deceased, Catherine Chimblo,                             
                    Executrix, Docket No. 16546-96 (hereafter the                     
                    CONTROLLING CASE), as if Petitioners in this                      
                    case were the same as the taxpayers in the                        
                    CONTROLLING CASE.  If an issue in the                             
                    CONTROLLING CASE is appealed, the final                           
                    decision, whether on appeal or on remand,                         
                    shall be binding on the like issue in this                        
                    case.                                                             

               In a number of motions for continuance of scheduled trial              
          dates (filed subsequently to the above March 16, 1998, settlement           
          stipulation), the parties herein represented to the Court that              
          all of the disputed issues in this case would be resolved on the            





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