The Adorno Asset Management Trust - Page 2

                                        - 2 -                                         
                         OPINION OF THE SPECIAL TRIAL JUDGE                           
               ARMEN, Special Trial Judge:  This matter is before the Court           
          on respondent’s motion to dismiss for lack of jurisdiction.                 
          Respondent maintains that Edwin R. Adorno (Mr. Adorno), the                 
          individual who signed the petition, is not a proper party                   
          authorized to bring suit on behalf of The Adorno Asset Management           
          Trust2 (Adorno Asset) under Rule 60.  As discussed in detail                
          below, we shall grant respondent’s motion and dismiss this case             
          for lack of jurisdiction.                                                   
          Background                                                                  
               A.  Notice of Deficiency                                               
               Respondent issued a notice of deficiency to Adorno Asset               
          determining a deficiency in its Federal income tax for the                  
          taxable year 1998 in the amount of $781,606 and an accuracy-                
          related penalty under section 6662(a) in the amount of $156,321.            
          In the notice of deficiency, respondent disallowed deductions               
          claimed by Adorno Asset because it:                                         
               failed to establish the amount, if any, that was paid                  
               during the taxable year for ordinary and necessary                     
               expenses for the production of rental income; you                      
               failed to establish the cost or other basis of the                     
               property claimed to have been used in the rental                       
               activity; and you failed to establish that the claimed                 



               2  Use of the terms “trust”, “trustee”, and “trust                     
          instrument” (and their derivatives) in this opinion is intended             
          for narrative convenience only.  Thus, no inference should be               
          drawn from our use of such terms regarding any legal status or              
          relationship.                                                               




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  Next

Last modified: May 25, 2011