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commissions would be charged against the proceeds.
• Barbara Drake would be granted innocent spouse
relief for the outstanding balance of the Subject
Liabilities, after application of the Smith Barney
proceeds. Barbara Drake waives any right she may
have to file a refund claim for the Subject
Liabilities.
• The IRS would accept the Smith Barney proceeds as
an Offer in Compromise from Gregory Drake for
satisfaction of the Subject Liabilities.
• Gregory Drake agrees to a motion to dismiss the
above-referenced CDP case as moot, with no costs
or attorneys fees awarded to either party.
• Gregory Drake, Darren Drake, and Gregory Drake,
Jr., reserve whatever rights they may have to file
amended income tax returns with respect to this
matter.
The aforementioned terms are sometimes hereinafter generally
referred to as the settlement terms. In a letter to Mr. Burke
dated December 21, 2005, Attorney Cardone stated that the Appeals
officer would be instructed that the parties were unable to reach
a settlement unless Barbara Drake and petitioner were to accept
all of the settlement terms as of December 28, 2005.
Accordingly, in a letter dated December 30, 2005, Attorney
Cardone informed Mr. Burke that the settlement terms had not been
accepted and that the offer had, therefore, lapsed.
Despite Attorney Cardone’s letter stating that respondent’s
offer had lapsed, Mr. Burke and Attorney Cardone again discussed
the prospective global settlement in a telephone conference on
January 6, 2006. During this conference, Mr. Burke informed
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