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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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