- 4 - Background When the petition was filed in the instant case, petitioner resided in San Pedro, California. Petitioner filed joint income tax returns with her then-husband, Tom I. Lincir (hereinafter sometimes referred to as Lincir), for each of the years 1978 through 1982. These years were the subject of litigation in the 1989 case, in which respondent determined deficiencies in, and additions to, petitioner’s and Lincir’s Federal income tax for 1978 through 1982 aggregating more than $600,000; respondent also determined that petitioner and Lincir were liable for increased interest on underpayments attributable to a tax-motivated transaction under section 6621(c). Issues in the 1989 case were addressed in Lincir v. Commissioner, T.C. Memo. 1999-98, and Lincir v. Commissioner, 115 T.C. 293 (2000), affd. 32 Fed. Appx. 278 (9th Cir. 2002). We summarize the factual and procedural background briefly here and make additional findings helpful in ruling on the instant motion. The setting of the 1989 case is described as follows in Lincir v. Commissioner, T.C. Memo. 1999-98: The deficiencies in this case result from respondent’s disallowance of certain losses. The losses include those attributable to petitioners’ [i.e., petitioner’s and Lincir’s] participation in the “Arbitrage and Carry” gold trading promoted by Futures Trading, Inc. (FTI). The losses also include those attributable to petitioners’ participation in the Treasury bill (T-bill) option and stock forward transactions promoted by Merit Securities, Inc. (Merit), a company that is related to FTI.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: November 10, 2007