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therefor, or, if collection has not been made, shall be
abated.
This Court has previously interpreted and applied section
7486 in circumstances analogous to those presented in the instant
case. In Estate of Smith v. Commissioner, 108 T.C. 412 (1997),
revd. 198 F.3d 515 (5th Cir. 1999), this Court sustained the
Commissioner’s determination that the taxpayer was liable for an
estate tax deficiency. Like the estate in the present case, the
taxpayer in Estate of Smith appealed this Court’s decision but
did not file a bond pursuant to section 7485 to stay assessment
and collection of the estate tax deficiency during the pendency
of its appeal. As a result, the Commissioner assessed the estate
tax deficiency of $564,429.87, plus interest of $410,848.76.
After the Commissioner applied credits for an earlier payment and
for a separate overpayment of income tax, the taxpayer owed
$265,900.87. The Commissioner administratively stayed collection
of that amount. On appeal, the Court of Appeals for the Fifth
Circuit reversed, vacated, and remanded the case. Estate of
Smith v. Commissioner, 198 F.3d at 532. Thereafter, while the
case was on remand to this Court for further proceedings, the
taxpayer filed a motion with this Court seeking an abatement of
the assessment (described above) and a refund of amounts
collected by the Commissioner.
In Estate of Smith v. Commissioner, 115 T.C. 342 (2000), we
denied the taxpayer’s motion. Much of what we said in that case
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