Ronald J. and June M. Speltz - Page 1

                                   124 T.C. No. 9                                     

                               UNITED STATES TAX COURT                                

                    RONALD J. AND JUNE M. SPELTZ, Petitioners v.                      
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 15382-03L.             Filed March 23, 2005.                

                    Ps incurred AMT liability as a result of their                    
               exercise of incentive stock options in 2000.  The stock                
               declined precipitously in value after the date of                      
               exercise.  Ps partially paid the tax liability and                     
               submitted an offer in compromise with respect to the                   
               unpaid balance.  The IRS rejected the offer in                         
               compromise and filed a lien on Ps’ property.  Held:  It                
               was not an abuse of discretion to reject Ps’ offer in                  
               compromise and to continue the lien.                                   

               Timothy J. Carlson, for petitioners.                                   
               Albert B. Kerkhove and Stuart D. Murray, for respondent.               

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