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OPINION
DAWSON, Judge: This case was assigned to Chief Special
Trial Judge Peter J. Panuthos, pursuant to the provisions of
section 7443A(b)(5) and Rules 180, 181, and 183.1 The Court
agrees with and adopts the opinion of the Chief Special Trial
Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
PANUTHOS, Chief Special Trial Judge: This matter is before
the Court on respondent’s Motion for Summary Judgment, filed
pursuant to Rule 121. As explained in detail below, we shall
grant respondent’s motion.
Background
In February 1999, petitioners filed a Form 1040, U.S.
Individual Income Tax Return, for the taxable year 1998, on which
they reported wages of $22,379.85, total tax of $1,076, and tax
withholding of $2,388. Petitioners’ tax return included two
Forms 2439, Notice to Shareholder of Undistributed Long-Term
Capital Gains. The Forms 2439 stated that petitioners were
shareholders of a regulated investment company (RIC) or real
estate investment trust (REIT).2 The Forms 2439 identified the
1 Section references are to the Internal Revenue Code, as
amended. Rule references are to the Tax Court Rules of Practice
and Procedure.
2 Sec. 852(b)(1) and (3)(A) provides that tax will be
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Last modified: May 25, 2011