- 2 - and Procedure. The Court agrees with and adopts the opinion of the Special Trial Judge, which is set forth below. OPINION OF THE SPECIAL TRIAL JUDGE WOLFE, Special Trial Judge: In a so-called affected items notice of deficiency, respondent determined additions to tax with respect to petitioner’s 1982 Federal income tax of $6,115 under section 6659 for valuation overstatement, $1,260 under section 6653(a)(1) for negligence, and under section 6653(a)(2) in an amount equal to 50 percent of the interest due on $25,205, the amount of the underpayment attributable to negligence. The underpayment was determined pursuant to a partnership-level proceeding. See secs. 6221-6233. After concessions,1 there are two issues remaining for decision. The first issue is whether petitioner is liable for the additions to tax under the provisions of section 6653(a)(1) and (2) for negligence or intentional disregard of rules or regulations. We hold that he is liable for these additions to tax. The second issue is whether petitioner is entitled to the benefits of a settlement 1 By stipulation, petitioner concedes the imposition of the valuation overstatement addition to tax under sec. 6659. In addition, petitioner concedes that the limitations period remains open for assessment and collection of any penalties, additions to tax, or interest attributable to partnership items for the 1982 tax year that may be held to be due from petitioner. Petitioner previously raised the statute of limitations as a defense in his petition.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011