- 2 - Donald F. Wood and Benjamin M. Leff, for petitioner. Richard T. Cummings and Michael W. Bentley, for respondent. OPINION GOEKE, Judge: Petitioner has filed a motion under Rule 2611 seeking a redetermination of overpayment interest. The issue is the appropriate rate of interest on petitioner’s overpayment. The underlying facts of this case are set out in detail in Garwood Irrigation Co. v. Commissioner, T.C. Memo. 2004-195, and are incorporated herein by this reference. Petitioner is entitled to recover with interest an overpayment of tax on its built-in gain for the taxable year ending December 31, 1999, pursuant to our Memorandum Opinion. Petitioner elected status as an S corporation effective January 1, 1997, and remains such. In determining the interest due petitioner relative to that overpayment, respondent applied the reduced interest rate provided in the flush language of section 6621(a)(1). Petitioner disputes this computation in a timely filed motion under Rule 261. Petitioner seeks the higher interest paid to noncorporate taxpayers under section 6621(a)(1)(A) and (B) rather than the lower rates for corporations provided in the parenthetical language of subparagraph (B) and the flush language of section 1Rule references are to the Tax Court Rules of Practice and Procedure. Section references are to the Internal Revenue Code.Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011