123 T.C. No. 2 UNITED STATES TAX COURT ESTATE OF ALGERINE ALLEN SMITH, DECEASED, JAMES ALLEN SMITH, EXECUTOR, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 19200-94. Filed July 13, 2004. On Jan. 24, 2002, the Court entered a decision that there was an overpayment of $238,847.24 regarding E’s estate tax liability, which amount was paid after the mailing of the notice of deficiency. That decision is now final. R issued refunds to E which were less than the overpayment amount and interest thereon. R alleges that the refund was less than the $238,847.24 overpayment and interest thereon because, after our decision became final, and pursuant to sec. 6402(a), I.R.C., he applied $85,336.83 of the $238,847.24 overpayment to assessed but unpaid interest that had accrued on E’s estate tax deficiency prior to the date of payment (underpayment interest). E filed a motion to enforce our overpayment determination pursuant to sec. 6512(b)(2), I.R.C., and Rule 260, Tax Court Rules of Practice and Procedure. Held: An overpayment means any payment of tax in excess of the tax which is properly due. For purposes of determining the amount of an overpayment, the term “tax” includes any underpayment interest due thereon.Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011