Diane C. Lincir - Page 4




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                                     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.                             






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