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penalties for tax years 1999, 2000, and 2001. On May 26, 2005,
petitioner petitioned this Court for a redetermination of the
above-mentioned determination.
On November 20, 2006, the parties filed a stipulation of
settled issues (the stipulation) with the Court. The stipulation
resolved substantially all of the issues in the notice of
deficiency. Particularly, the parties now agree that petitioner
has an overpayment of tax for tax year 2000 in the amount of
$129,656. The parties also agree that petitioner is allowed a
refund of $23,805 of that overpayment, representing the
additional payment petitioner made on January 30, 2003. The
parties agree that the only issue that remains for our
determination is whether petitioner is barred from recovering the
remaining portion of the above-mentioned overpayment (amounting
to $105,851) pursuant to section 6512.1
Discussion
Petitioner objects to respondent’s motion for entry of
decision in accordance with the stipulation. Petitioner argues
that the delinquent return forms the basis of a claim for refund,
and that petitioner is therefore entitled to a refund or credit
of the above-mentioned overpayment of $129,656 pursuant to
section 6512(b)(3)(C). Respondent contends that the delinquent
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code, and all Rule references are to the Tax
Court Rules of Practice and Procedure.
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Last modified: November 10, 2007