- 5 -
reported Schedule F losses of $302,818 and$107,951,respectively.4
In December 1995, petitioner filed a Form 1045, Application
for Tentative Refund, seeking to carry back a Hoyt-related net
operating loss realized in 1994 to 1991, 1992, and 1993. As a
result of the carryback, petitioner reported decreases in tax of
$10,662, $9,035, and $21,043, respectively. Respondent issued
refunds in those amounts, plus interest, on February 5, 1996.
On March 30, 1998, respondent reversed petitioner’s
tentative net operating loss carrybacks claimed on the Form 1045
and reassessed tax due of $10,662, $9,035, and $21,043 for 1991,
1992, and 1993, respectively, plus interest.5 To secure payment
of the assessed tax, a Federal tax lien was placed on
petitioner’s property on August 13, 1999.6
On October 11, 2000, respondent sent petitioner a settlement
proposal. Respondent offered to not impose any section 6662
penalties if petitioner: (1) Conceded that he is not entitled to
4 Petitioner’s 1994 and 1995 tax years were before the
Court at docket No. 9662-01. See Keller v. Commissioner, T.C.
Memo. 2006-131.
5 The details of the reassessment are not in the record,
and the parties do not raise any procedural issues regarding it.
6 The Federal tax lien is not at issue in the present case.
Petitioner received a sec. 6330 hearing with regard to the filing
of the lien, and respondent sustained the collection action.
However, the details of the lien and the related hearing are not
in the record.
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