- 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 representationsPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011