- 4 -
D. Conclusion ....................... 82
Issue 2. Expiration of the Period of Limitations ...... 82
A. The Parties’ Arguments ................. 82
1. Petitioners’ Arguments .............. 82
2. Respondent’s Arguments .............. 85
B. Discussion of Applicable Law .............. 87
C. Determination as to Whether the Applicable Periods of
Limitations on Assessment Have Expired ......... 91
D. Conclusion ....................... 101
Issue 3. Whether Some Partnerships’ Purported Purchases of
Breeding Sheep Constitute Either Valuation Overstatements
for Purposes of Section 6621(c)(3)(A)(i) or Sham and
Fraudulent Transactions for Purposes of Section
6621(c)(3)(A)(v) .................... 101
A. The Parties’ Arguments ................. 101
1. Petitioners’ Arguments .............. 101
2. Respondent’s Arguments .............. 104
B. Section 6621(c) .................... 106
C. The Tax Court’s Jurisdiction .............. 107
APPENDIX .......................... 110
MEMORANDUM FINDINGS OF FACT AND OPINION
DAWSON, Judge: These consolidated cases were assigned to
Special Trial Judge Stanley J. Goldberg, pursuant to Rules 180,
181, and 183. All Rule references are to the Tax Court Rules of
Practice and Procedure. Section references are to the Internal
Revenue Code in effect for the years at issue. The Court agrees
with and adopts the opinion of the Special Trial Judge, which is
set forth below.
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