Michael A. Zapara and Gina A. Zapara - Page 6

                                        - 6 -                                         
          information to him to be able to sell stock to pay tax.                     
          Apparently it may not have been worth much.”4                               
               The Appeals officer’s Appeals Case Memo (undated, but                  
          attached to Form 5402-c, Appeals Transmittal and Case Memo,                 
          signed May 7, 2002) states in pertinent part:                               
               The representative indicated in discussions with the                   
               Appeals Officer that his goal in resolving the issue in                
               this case was to sell the stock seized by the IRS and                  
               apply it to the deficiencies owed, in addition to                      
               getting the audit assessments reduced on appeal in                     
               District Court.  He believed if this was done, the                     
               amount owed would be resolved and possibly full paid                   
               through the stock sale.                                                
               The request to sell the stock was made during                          
               consideration of this case.  The taxpayers believed                    
               that the stock would become worthless while the Appeal                 
               was pending, due to the downturn in the market.  The                   
               taxpayers wanted to liquidate the stock so that some                   
               credit could be applied to the balance due IRS.  The                   
               taxpayers contended that while [sic] the Revenue                       
               officer seized the stock, the value of the stock (if                   
               liquidated) was greater than the balance of the                        
               liabilities and that it had declined to the point where                
               the value is only a fraction of the balance due.  The                  
               representative was supposed to address this request in                 
               writing to Appeals in order for consideration [sic] to                 
               sell the stock.  The Revenue Officer was in agreement                  
               to the stock sale if it was sold at fair market value,                 
               and all proceeds were applied to the deficiencies owed.                
               No request was received in writing from the                            
               representative as requested.                                           
               On May 8, 2002, a Notice of Determination Concerning                   
          Collection Action(s) Under Section 6320 and/or 6330 (the notice             
          of determination) was issued to petitioners.  In the notice of              
          determination, the Appeals Office determined that petitioners               

               4 The record does not otherwise reveal the role of Revenue             
          Agent F. Stevens in this case.                                              




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011