- 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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