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Court to redetermine a 1982 income tax deficiency of $29,063 and
the applicability of an increased rate of interest under section
6621(c) due to substantial underpayment of tax attributable to a
tax-motivated transaction. We decide whether the period of
limitations remains open for assessment of those items. We hold
that it does.
Background
All facts were stipulated or contained in the exhibits
submitted with the stipulations. The stipulated facts and
exhibits are incorporated herein by this reference.
Barbara and Marvin E. Greenfield (separately, Ms. Greenfield
and Mr. Greenfield; together, the Greenfields) were husband and
wife in the year at issue, 1982. Mr. Greenfield died on February
28, 2006. At the time of the filing of the petition, the
Greenfields’ mailing address was in Florida.
On or about August 12, 1983, the Greenfields filed a timely
joint 1982 Form 1040, U.S. Individual Income Tax Return, with the
Atlanta Service Center (Greenfields’ tax return). The
Greenfields’ tax return included flowthrough losses from various
partnerships known as the Mast Realty Associates Partnerships.
Respondent selected the Mast Realty Associates Partnerships
for audit and solicited a Form 872-A, Special Consent to Extend
the Time to Assess Tax, from the Greenfields to extend the period
of limitations for the Greenfields’ tax return. The Greenfields
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