-2-
judgment under Rule 121(a). Petitioners responded to
respondent’s motion under Rule 121(b).
We shall grant respondent’s motion for summary judgment.
Section references are to the applicable versions of the Internal
Revenue Code. Rule references are to the Tax Court Rules of
Practice and Procedure.
Background
Petitioners filed joint Federal income tax returns for 1994
and 1995 reflecting refunds for both years. These returns were
later audited, and on or about April 19, 1999, respondent
assessed income tax deficiencies and related penalties and
interest against petitioners with respect to 1994 and 1995.
Petitioners failed to pay fully the amounts assessed and in
February 2000 ceased making monthly payments of $2,500 per month
as mandated by an installment payment agreement. On or about May
7, 2001, respondent issued to petitioners a letter entitled
“Final Notice - Notice of Intent to Levy and Notice of Your Right
to a Hearing Under IRC 6330".
On or about June 8, 2001, petitioners submitted a Form
12153, Request For A Collection Due Process Hearing. On January
10, 2002, petitioners submitted an offer in compromise and a
collection information statement in connection with their request
for a hearing. Respondent’s Appeal officer determined that the
offer in compromise should not be accepted because the offer and
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