- 7 -
$238,847.24 of the previously assessed estate tax. On May 13,
2002, respondent issued to the estate a refund check of
$210,467.35, consisting of a $153,510.41 refund for overpayment
of estate tax and $56,956.94 in interest on that refunded amount.
Respondent computed the $153,510.41 portion of the refund by
subtracting $85,336.83 from the $238,847.24 overpayment amount in
our final decision. According to respondent, the $85,336.83 was
the amount of assessed but unpaid underpayment interest. On
October 6, 2003, respondent abated $20,341.20 in underpayment
interest. On October 6, 2003, respondent refunded $30,108.47 to
the estate.4
Discussion
In its motion, the estate argues that the amount refunded by
respondent, $210,467.35 ($153,510.41 in overpaid estate taxes and
$56,956.94 in interest on that amount) was incorrect. It is the
4Respondent alleges that this represented a $20,341.20
underpayment interest abatement and $9,767.27 in interest
thereon. According to respondent, he initially applied the 1992
income tax overpayment to the estate’s estate tax deficiency as
of Mar. 15, 1996, but the correct date was Apr. 15, 1993. In his
response to the estate’s motion, respondent explains:
This amount was abated as a result of applying the
$63,052 income tax overpayment credit to the correct
date (April 15, 1993). This amount, plus interest of
$9,767.27, was refunded to petitioner on October 6,
2003.
* * * * * * *
Until October 6, 2003, the credit was incorrectly
applied effective March 15, 1996.
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