Samuel S. Lowe III and Nancy S. Lowe - Page 11

                                       - 10 -                                         
                         *    *    *    *    *    *    *                              
               When that individual was reviewed, the corporate CPA                   
               wrote a letter on his behalf to the IRS, and in the                    
               results of this KEEAP 2, indeed, accepted his filing as                
               a capital gain. * * *                                                  

                         *    *    *    *    *    *    *                              
               My only comment was that I was looking for equitable                   
               treatment in this matter.  Whether or not--the company                 
               was sold from one company to another.  You know, they                  
               merged.  They paid out the old company owners and they                 
               fulfilled their KEEAP responsibilities.  I cannot tell                 
               you beyond that what I have said right now.  I’m not in                
               a position to argue that.  My whole perspective was                    
               that the treatment of one member of that program should                
               be equitable.  [Emphasis added.]                                       
          Petitioners offered no further evidence or testimony directed               
          toward the appropriate legal classification of the income at                
          issue and did not file a posttrial brief.                                   
               Thus, petitioners are apparently relying on a contention               
          that respondent should be estopped from determining that the plan           
          payment is ordinary income based upon the alleged treatment of a            
          similarly situated taxpayer.  Although we do not doubt                      
          petitioners’ sincerity, the Court lacks any grounds for departure           
          from the result obtaining in this case under the governing                  
          statutes.  To the extent that petitioners raise an argument for             
          equitable estoppel, their situation fails to satisfy the                    
          requisite elements for relief.                                              
               Equitable estoppel is a judicial doctrine that operates to             
          preclude a party from denying its own acts or representations               






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  Next

Last modified: May 25, 2011