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The parties’ stipulation does not require a contrary result.
The parties’ stipulation only encompasses admissibility, not
correctness, of the exhibits admitted into evidence.
Petitioners have established that they qualify for the
exclusion for both 2001 and 2002: (1) Petitioners had a foreign
tax home during the applicable periods, and (2) petitioners were
physically present in foreign countries for at least 330 days of
the applicable periods overlapping 2001 and 2002.
In light of our resolution of the foreign earned income
issue in favor of petitioners, the section 6662 penalties
determined by respondent are moot.
To reflect the foregoing,
Decision will be entered
under Rule 155.8
8Because the applicable periods utilized in our opinion do
not correspond to petitioners’ taxable years, a pro rata
adjustment to petitioners’ exclusions for foreign earned income
for 2001 and 2002 will need to be made under sec. 1.911-3(d),
Income Tax Regs.
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Last modified: May 25, 2011