- 7 -
We respectfully request that taxpayer be allowed a
reasonable time to sell these assets in order to
generate the funds necessary to satisfy this tax
obligation.
On September 20, 2001, Riley informed McKinnon that
petitioners’ proposed installment agreement had been forwarded to
an independent reviewer. Riley suggested to McKinnon that
petitioners commence good faith payments of $1,000 per month in
the event that the independent reviewer approved the proposed
installment agreement. On September 21, 2001, the independent
reviewer concurred in Riley’s decision to reject petitioners’
proposed installment agreement.
On October 4, 2001, Riley received a letter in response to a
request that she had made to the IRS Office of Chief Counsel for
an opinion with respect to the issue of whether the judgment
rendered in favor of the SEC against Clawson (i.e., the $558,000
disgorgement debt) would have priority over the IRS if the IRS
chose not to file a notice of Federal tax lien in its efforts to
collect petitioners’ unpaid income tax liability for 1999. That
letter, in pertinent part, provided the following explanation to
Riley:
In the present case, if the SEC has taken the
steps necessary to perfect its lien against whatever
property the Service might wish to look to for
collection, it will have priority since the government
has not yet filed a notice of federal tax lien. If the
SEC has not yet taken such steps, but does so in the
future before a notice of federal tax lien is filed, it
similarly will enjoy priority. The only way that the
government can ensure that it will prevail with respect
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011