Michael L. Medkiff - Page 4




                                        - 4 -                                         
                    2.   Sch. E Inc/Loss-Partnership/S-Corp adjustment                
               of $164,608 for the 2003 year - Respondent concedes in                 
               full.                                                                  
                    3.   Self-employment tax and SE AGI adjustments                   
               for the 2002 and 2003 years - These are computational                  
               adjustments and will be imposed on the adjustments to                  
               Sch. E Inc/Loss-Partnership/S-Corp.                                    
                           *    *    *    *    *    *    *                            
          The stipulation also states that there are no additional issues             
          for trial.4  The stipulation is signed by both petitioner and               
          counsel for respondent.5                                                    
              When we received the stipulation, we directed the parties to           
          submit a stipulated decision to the Court by March 7, 2007.  On             
          January 31, 2007, respondent mailed to petitioner a decision                
          document reflecting the deficiency and penalty that respondent              
          maintains results from the stipulation.  On February 17, 2007,              
          petitioner’s power of attorney, Jackson Behar, informed                     
          respondent for the first time that petitioner wanted to utilize             
          Great American’s 2002 tentative section 179 deduction in                    
          calculating petitioner’s 2002 deficiency.                                   




               4Petitioner conceded the tax imposed on qualified plans for            
          2002 and the accuracy-related penalty under sec. 6662, neither of           
          which affect our decision in this case.                                     
               5Respondent noted that on Feb. 28, 2007, the holder of                 
          petitioner’s power of attorney, Jackson Behar, stated that                  
          petitioner claimed not to have signed anything.  However,                   
          respondent was not able to contact petitioner to confirm such               
          claim, and petitioner has not raised the issue before the Court.            






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