Jack A. Upchurch - Page 6

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          reported by petitioner on his 1996 gift tax return.  As in the              
          examiner’s report, this schedule revalued the gifts based on                
          disallowance of the cost of sale deduction for the value of                 
          partnership assets and a reduction in the fractional partnership            
          interest discount from 62.5 percent to 15 percent.  Even though             
          the deficiency notice informed petitioner of his entitlement to             
          file a petition for redetermination of the deficiency with this             
          Court, he did not do so.                                                    
               On July 31, 2000, respondent assessed the gift tax                     
          deficiency of $367,623 and interest in the amount of $115,948               
          with respect to calendar year 1996.  Notice and demand for                  
          payment was sent to petitioner.                                             
               On April 25, 2002, respondent sent to petitioner a Final               
          Notice - Notice of Intent to Levy and Notice of Your Right to a             
          Hearing.  On April 25, 2002, respondent also sent to petitioner a           
          Notice of Federal Tax Lien Filing and Your Right to a Hearing               
          Under IRC 6320.                                                             
               Petitioner timely requested a hearing by submitting a Form             
          12153, Request for a Collection Due Process Hearing.  In his                
          request, petitioner explained in detail his contentions that the            
          deficiency notice issued on March 20, 2000, pertained to 1995,              
          that a deficiency notice was never issued for 1996, and that                
          therefore the assessment should be abated.  A conference was                
          scheduled, and petitioner’s representative sent respondent’s                

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