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stated that, pursuant to section 6214(b), the Court may take into
account facts pertaining to 1987 to correctly redetermine the tax
for the taxable year 1995.
In the stipulation of facts, petitioner conceded that for
the 1995 tax year: (1) He was not entitled to the $23,039 NOL
deduction claimed; (2) he was not entitled to the $2,990 of
claimed Schedules C expenses; and (3) he was liable for the
addition to tax of $504.75 pursuant to section 6651(a).
The parties stipulated that all issues not specifically
addressed in the stipulation of facts would be resolved in
accordance with the notice of deficiency. Accordingly, although
not specifically addressed in the stipulation of facts,
petitioner is allowed the $40 deduction for one-half of the
increased self-employment tax resulting from the disallowance of
Schedules C expenses claimed on his 1995 tax return.
The only remaining issues for decision are: (1) Whether
petitioner is entitled to an adjustment pursuant to sections 1311
through 1314 to reflect a carryback of a 1990 tax year NOL to the
tax year 1987; and (2) in the alternative, whether petitioner is
entitled to equitable recoupment relief related to the carryback
of a 1990 tax year NOL to the tax year 1987.
Petitioner claimed, on his 1995 tax return, a $23,039 NOL
carryforward deduction generated in 1990. Instead of a carryback
of the NOL generated in 1990 to the 1987 tax year as allowed
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