Thomas Corson - Page 3

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          response to petitioner’s motion.  On March 15, 2004, we filed an            
          additional affidavit of petitioner pursuant to Rule 232(d), and             
          on March 25, 2004, we filed petitioner’s reply to respondent’s              
          response.                                                                   
               On February 19, 2004, in petitioner’s motion for leave to              
          file a reply, petitioner requested that we schedule a hearing               
          only if a relevant fact were in dispute.  We have concluded,                
          however, that a hearing on this matter is not necessary.  See               
          Rule 232(a)(2).  In disposing of this motion, we rely on the                
          parties’ filings and attached exhibits.                                     
                                     Background                                       
               During the 1980s, petitioner was an investor in Boulder Oil            
          and Gas Associates (Boulder), a partnership involved in the                 
          Elektra Hemisphere tax shelter litigation in this Court (the                
          partnership litigation).2  In 1985, petitioner signed Forms 906,            
          Closing Agreement on Final Determination Covering Specific                  
          Matters, for the taxable years 1980 and 1982 (settlement                    
          agreements).  The settlement agreements provided that, for                  
          taxable years before 1980 or after 1982, petitioner could not               
          deduct losses in excess of payments he had made to or on behalf             
          of the partnership.  When petitioner executed the settlement                
          agreements, his taxable year 1981 remained open as a result of              


               2See Krause v. Commissioner, 99 T.C. 132 (1992), affd. sub             
          nom. Hildebrand v. Commissioner, 28 F.3d 1024 (10th Cir. 1994).             





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