- 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011