Thomas E. Johnston and Thomas E. Johnston, Successor in Interest to Shirley L. Johnston, Deceased - Page 3

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          2003.  Petitioners filed an opposition to respondent’s motion,              
          and respondent filed a reply to petitioners’ opposition.                    
               The issue for decision is whether respondent’s acceptance of           
          petitioners’ qualified offer precludes petitioners from reducing            
          the amounts stated in the qualified offer for the years at issue            
          by the amount of net operating losses (NOLs) sustained in the               
          1988, 1990, 1993, and 1995 tax years.  We express no opinion as             
          to whether the claimed NOLs are valid for Federal income tax                
          purposes.  Solely for the purpose of this adjudication, we assume           
          that the claimed NOLs are valid.                                            
               Unless otherwise indicated, all section references are to              
          sections of the Internal Revenue Code in effect at all relevant             
          times, and all Rule references are to the Tax Court Rules of                
          Practice and Procedure.                                                     
               These cases were set for trial on a special trial calendar             
          to commence on March 3, 2003.  On January 31, 2003, petitioners             
          made a qualified offer, pursuant to section 7430, to resolve                
          petitioners’ tax liabilities for the 1989, 1991, and 1992 tax               
          years.  Petitioners’ qualified offer stated, in part:                       
                    Pursuant to Internal Revenue Code (“IRC”) Section                 
               7430(g) and * * * Section 301.7430-7T(c)[Temporary                     
               Proced. & Admin. Regs., 66 Fed. Reg. 727 (Jan. 4,                      
               2001)], this letter shall constitute the above-                        
               referenced taxpayer’s [sic] qualified offer to resolve                 
               all adjustments at issues in the matters listed above.                 

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