- 24 -
the $17,516 underpayment, but we hold that respondent abused his
discretion in not granting petitioner relief for the balance of
the $17,516 underpayment and the related penalty, additions to
tax, and interest. Such additional relief is to be granted to
petitioner.
To reflect the foregoing,
Decision will be entered
under Rule 155.7
7 Under our holding herein, refunds to petitioner relating
to petitioner and John’s underpayment and deficiency may be
limited, respectively, under Rev. Proc. 2003-61, sec. 4.04(2),
and sec. 6015(g)(3). In the Rule 155 computation, the parties
are to resolve how petitioner’s various payments are to be
allocated among the underpayment, the deficiency, and the
penalty, additions to tax, and interest.
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Last modified: May 25, 2011