Frank R. Sanchez - Page 4

                                        - 3 -                                         

          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                





Page:  Previous  1  2  3  4  5  6  7  8  Next

Last modified: May 25, 2011