- 5 - In this case, respondent has moved for entry of decision. The Court will grant the motion. As a result of the Court’s ruling of March 23, 2005, it was established that petitioner received $51,114 as income. See Swain v. Commissioner, 118 T.C. 358, 362 (2002). On April 6, 2005, respondent conceded the remaining issues relating to the cancellation of indebtedness income and the section 6662(a) penalty. There are no issues remaining. Accordingly, petitioner received $51,114 of taxable income in 2002, had no cancellation of indebtedness income, and is not liable for a section 6662(a) penalty. Therefore, we shall enter a decision for respondent with respect to the deficiency adjusted for respondent’s concessions. Petitioner is liable for a tax deficiency of $8,071 for tax year 2002 with no section 6662(a) penalty. In reaching our holding, we have considered all arguments made and conclude that any arguments not mentioned above are moot, irrelevant, or without merit. To reflect the foregoing, Decision will be entered for respondent.Page: Previous 1 2 3 4 5
Last modified: May 25, 2011