Estate of Algerine Allen Smith, Deceased, James Allen Smith, Executor - Page 2

                                        - 2 -                                         
               Thus, an overpayment by definition is the amount by                    
               which payments exceed the tax and interest for the                     
               period of underpayment.                                                
                    Held, further, the amount of the refund should not                
               have been reduced for underpayment interest because                    
               that interest was part of the tax amount that was                      
               required to be considered in determining the amount of                 
               the overpayment.  Our final decision that there was a                  
               $238,847.24 overpayment precludes any remaining unpaid                 
               underpayment interest to which R could apply the                       
               overpayment.  Held, further, sec. 6512(b)(4), I.R.C.,                  
               which provides that this Court does not have                           
               jurisdiction to restrain or review the Commissioner’s                  
               application of an overpayment pursuant to sec. 6402,                   
               I.R.C., to outstanding tax liabilities of the taxpayer                 
               who overpaid, does not apply where our final decision                  
               in the same case precludes the existence of the                        
               liabilities to which the Commissioner applied the                      
               overpayment.  E is entitled to a refund of the                         
               $238,847.24 overpayment amount, plus interest thereon,                 
               less any refunds already made with respect to the                      
               overpayment.                                                           

               Harold A. Chamberlain and Michael C. Riddle, for petitioner.           
               R. Scott Shieldes, for respondent.                                     


                                       OPINION                                        

               RUWE, Judge:  This matter is before the Court pursuant to              
          the estate’s Motion for Proceeding To Enforce Overpayment                   
          Determination pursuant to Rule 260.1  Our jurisdiction to grant             
          such relief is conferred by section 6512(b)(2).                             



               1Unless otherwise indicated, all Rule references are to the            
          Tax Court Rules of Practice and Procedure, and all section                  
          references are to the Internal Revenue Code.                                




Page:  Previous  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