- 2 - 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 (continued...)Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011