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judgment pursuant to Rule 121. For the reasons discussed herein,
we shall grant respondent’s motion.
Background
Petitioner is a corporation with principal place of business
in Masontown, Pennsylvania. On April 29, 2002, David P. Alan
(Alan), in his capacity as petitioner’s CEO, executed Form 870,
Waiver of Restrictions on Assessment and Collection of Deficiency
in Tax and Acceptance of Overassessment, agreeing to the
immediate assessment and collection of a $1,212 deficiency in
petitioner’s corporate income tax for the period ending June 30,
1998. A handwritten note at the top of the Form 870 states:
“PARTIAL AGREED ISSUES”. On May 27, 2002, respondent assessed
the $1,212 tax and accrued interest thereon.
Subsequently, on August 12, 2003, respondent mailed
petitioner a notice of deficiency, determining that for this same
period ending June 30, 1998, petitioner had a deficiency in
corporate income tax of $3,188 and was liable for an $880
accuracy-related penalty pursuant to section 6662(a). The notice
of deficiency was predicated in large part on the disallowance of
a claimed net operating loss carryforward from petitioner’s prior
tax year. On September 20, 2003, on petitioner’s behalf, Alan
executed Form 4089-B, Notice of Deficiency - Waiver, consenting
to the immediate assessment and collection of this $3,188
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