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Year Deficiency Accuracy-Related Penalty
Sec. 6662(a)
1997 $218,137 $43,627.40
1998 190,706 38,141.20
1999 167,818 33,563.60
Following concessions by the parties, we are left to decide
whether petitioner may for the respective years deduct net
operating loss (NOL) carryovers of $726,572, $726,572, and
$703,308.1 We hold he may not. Section references, unless
otherwise indicated, are to the applicable versions of the
Internal Revenue Code. Rule references are to the Tax Court
Rules of Practice and Procedure.
FINDINGS OF FACT
Some facts were stipulated and are so found. The
stipulation of facts and the accompanying exhibits are
incorporated herein by this reference. Petitioner resided in
Pasadena, California, when his petition to this Court was filed.
During 1978, 1979, and 1980, petitioner invested in the
stock market primarily through the brokerage firm of Paine,
Webber, Jackson & Curtis (Paine Webber). Douglas Osborne
(Osborne), a Paine Webber employee, was petitioner’s stockbroker.
1 The record contains sufficient evidence indicating that
respondent determined appropriately that petitioner was liable
for the referenced accuracy-related penalties. See sec. 7491(c).
Because petitioner’s brief is silent as to any issue concerning
that determination, we treat petitioner as having conceded it in
full. See Rybak v. Commissioner, 91 T.C. 524, 566 (1988); Money
v. Commissioner, 89 T.C. 46, 48 (1987).
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