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petitioners could have requested administrative review under
section 7429; i.e., until 30 days after June 1, 2000.
Consequently, the Internal Revenue Manual section that respondent
points to does not preclude respondent’s sale of the stock
accounts under section 6335(f).
G. Conclusion
On August 23, 2001, petitioners requested that respondent
sell their stock and apply the proceeds to their outstanding tax
liabilities. Respondent neither sold the stock nor made a
determination that sale of the stock would not be in the best
interests of the United States. We hold that petitioners are
entitled to a credit for the value of the stock accounts as of
the date by which the stocks should have been sold under section
6335(f); i.e., 60 days from August 23, 2001.15 We also hold that
respondent cannot claim any interest or accrue penalties on this
credited amount after such date. See United States v. Barlows,
Inc., 53 Bankr. 986 (E.D. Va. 1984). Under the circumstances, we
believe it appropriate to remand this case to the Appeals Office
for purposes of establishing the value of the stock accounts as
of 60 days after August 23, 2001, and determining whether
petitioners’ tax liabilities for 1993, 1994, 1995, 1997, and 1998
15 If, however, the value of the stock presently exceeds its
value as of 60 days from Aug. 23, 2001, then respondent shall
sell the stock and give petitioners appropriate credit.
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