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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.
Background
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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