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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and supplemental stipulation of facts
are incorporated herein by this reference. Petitioner resided in
Bozeman, Montana, when his petition in this case was filed.
During the 1980s, petitioner was employed as a Federal
Housing Administration (FHA) underwriter with the Valley Mortgage
Company (Valley). Valley engaged in an illegal loan scheme,
which petitioner reported to both Valley’s head underwriter and
the FHA. In 1989, Valley terminated petitioner’s employment.
In 1991, petitioner brought suit against Valley in the
Washoe County District Court of Nevada, alleging wrongful
termination, defamation, and violations of Nevada’s Racketeer
Influenced and Corrupt Organizations Act (RICO). A jury decided
against petitioner on the wrongful termination and defamation
claims. The Washoe County District Court dismissed the RICO
claim, which dismissal the Supreme Court of Nevada affirmed. See
Allum v. Valley Bank, 849 P.2d 297 (Nev. 1993).
4(...continued)
the fee was deductible under sec. 162. Moreover, petitioner did
not give respondent any notice in his amended petition, his
pretrial memorandum, or at trial that he was claiming the fee was
deductible under sec. 162. We conclude, therefore, that
petitioner did not timely raise the sec. 162 issue, and we
decline to decide it. DiLeo v. Commissioner, 96 T.C. 858, 891
(1991), affd. 959 F.2d 16 (2d Cir. 1992); Foil v. Commissioner,
92 T.C. 376, 418 (1989), affd. 920 F.2d 1196 (5th Cir. 1990);
Markwardt v. Commissioner, 64 T.C. 989, 997 (1975).
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