- 3 -
After concessions by respondent,2 the issues for decision
are as follows:
(1) Whether any of petitioner’s company’s section
401(k) plan’s loans to entities partially owned by
petitioner constituted prohibited transactions within
the meaning of section 4975.
(2) If any of the loans were prohibited
transactions, then whether petitioner had reasonable
cause for any of his failures to file excise tax
returns for 1998, 1999, and 2000.
Background
The instant case was submitted fully stipulated; the
stipulations and the stipulated exhibits are incorporated herein
by this reference.
2 On brief, respondent concedes that there were “loan
interest payments, which reduce both the � 4975(a)&(b) excise
taxes.” At another point on brief, respondent concedes that
“Petitioner has established that the principal of the loans was
repaid; there is still an issue whether the interest was paid.”
We assume that, where these concessions affect the sec. 4975(a)
excise taxes, these concessions may have consequential effects on
the determinations of additions to tax under sec. 6651(a)(1).
The parties have not presented any specific dispute as to
the extent of these concessions, and thus the instant report does
not deal with matter. Any relevant unresolved dispute will be
dealt with in proceedings under Rule 155 or as may otherwise be
appropriate. See Medina v. Commissioner, 112 T.C. 51 (1999).
Unless indicated otherwise, all Rule references are to the
Tax Court Rules of Practice and Procedure.
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