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The Court does not lightly set aside stipulations of fact
but may exercise broad discretion to determine whether to hold a
party to a stipulation. Blohm v. Commissioner, 994 F.2d 1542,
1553 (11th Cir. 1993), affg. T.C. Memo. 1991-636. "The evidence
in the record demonstrates that the stipulation is simply
incorrect." Estate of Eddy v. Commissioner, 115 T.C. 135, 137
n.4 (2000). Stipulations of fact that are contrary to facts
contained in the record do not bind the Court. Blohm v.
Commissioner, supra; Estate of Eddy v. Commissioner, supra;
Estate of Branson v. Commissioner, T.C. Memo. 1999-231.
Petitioners failed to file timely their Federal income tax
return for 1995. They have failed to offer any evidence that
such failure was due to reasonable cause and not to willful
neglect. Respondent's determination that they are liable for the
addition to tax under section 6651(a) is sustained.
Reviewed and adopted as the report of the Small Tax Case
Division.
To reflect the foregoing,
Decision will be entered
for respondent.
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Last modified: May 25, 2011