MEMORANDUM OPINION SWIFT , Judge . Respondent determined a $30,478 deficiency in petitioners' 2007 Federal income tax and a $6,096 penalty under section 6662(a). For purposes of calculating the amount or portion of the total $23,099,420 that Michael Tseytin (petitioner) received in cash in a corporate merger that is taxable to him under section 356(a)(1)(B), the two issues for decision are: (1) whether petitioner is to be treated as the owner of the two blocks of stock involved in the...
MEMORANDUM FINDINGS OF FACT AND OPINION GOEKE , Judge . Respondent determined an estate tax deficiency of $3,121,959 with respect to the Estate of Barbara M. Purdue (estate), and gift tax deficiencies of $112,303, $184,718, $133,196, $169,706, $176,844, and $149,040 for the taxable years 2001, 2002, and 2004 through 2007, respectively. After settlement of certain issues, the issues remaining are: (1) whether the value of the assets transferred by Barbara M. Purdue (decedent) to the Purdue...
MEMORANDUM OPINION CHIECHI , Judge . This case is before us on respondent's motion for partial summary judgment that we have recharacterized as respondent's motion for summary judgment (respondent's motion). 1 We shall grant respondent's motion. Background The record establishes and/or the parties do not dispute the following. Petitioner resided in Missouri at the time he filed the petition. Petitioner filed late a Federal income tax (tax) return for each of his taxable years 2000,...
MEMORANDUM FINDINGS OF FACT AND OPINION HALPERN , Judge . These consolidated cases are before the Court for review of two notices of final partnership administrative adjustment (FPAAs). The limited liability companies, AD Investment 2000 Fund LLC (ADI) and AD Global 2000 Fund LLC (ADG) (collectively, LLCs), and their related transactions are what respondent describes as Son-of-BOSS tax shelters. For 2000, both ADI and ADG filed Forms 1065, U.S. Return of Partnership Income, the former...
OPINION GALE , Judge : These cases were consolidated for trial, briefing, and opinion. Respondent determined excise tax deficiencies for petitioner Loren E. Parks and petitioner Parks Foundation (Foundation) as summarized in the following tables. 1 Mr. Parks, Docket No. 7043-07 Excise tax Year Sec. 4945(a)(2) Sec. 4945(b)(2) 1997 $1,625 $10,000 1998 5,000 10,000 1999 825 10,000 2000 5,000...
MEMORANDUM FINDINGS OF FACT AND OPINION NEGA , Judge . The Internal Revenue Service (IRS) Appeals Office sent petitioner a Notice of Determination Concerning Collection Action(s) Under Section 6320 and/or 6330 (notice of determination) with respect to notices of Federal tax lien (NFTLs) and a notice of intent to levy filed to collect petitioner's unpaid tax liabilities for tax years ended December 31, 2000 through 2005. 1 The sole issue for decision is whether the Appeals Office abused...
MEMORANDUM FINDINGS OF FACT AND OPINION LAUBER , Judge . The Internal Revenue Service (IRS or respondent) determined a deficiency in petitioners' 2010 Federal income tax of $1,460 1 and an accuracy-related penalty of $292. After concessions, 2 the issues for decision are: (1) whether petitioners for 2010 are entitled to a deduction, in excess of the amount respondent allowed, for contributions made to an individual retirement account (IRA) for Stephen Dunn (petitioner or Mr. Dunn); and (...
MEMORANDUM FINDINGS OF FACT AND OPINION COHEN , Judge . Respondent determined a deficiency of $1,472 in petitioner's Federal income tax for 2011. After a concession by petitioner, the remaining issue for decision is whether she must recognize discharge of indebtedness income as a result of settlement of her account with AmeriCredit Financial Services, Inc. (AmeriCredit), d.b.a. GM Financial. Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for...
MEMORANDUM FINDINGS OF FACT AND OPINION COHEN , Judge . Respondent determined deficiencies in and penalties on petitioner's Federal income tax as follows: Penaltie Year Deficiency Sec. 6651(f) Sec. 6663 1995 $199,088 $149,316.00 ___ 1996 188,065 141,048.75 ___ 1997 86,214 64,660.50 ___ 1998 180,137 135,102.75 ___ 1999 323,534 242,650.50...
MEMORANDUM OPINION LAUBER , Judge . In this collection due process (CDP) case, petitioner timely sought review pursuant to section 6330(d)(1) 1 of a notice of determination concerning collection action for tax year 2004. Pending before the Court is respondent's motion to dismiss on grounds of mootness. We shall recharacterize respondent's filing as a motion for summary judgment and grant it as such. Background JaNean Del'Andrae served as the chief financial officer of petitioner, Del-Co...
OPINION HOLMES , Judge : Agro-Jal Farming Enterprises, Inc. is a farming corporation in Santa Maria, California that grows strawberries and vegetables. When it harvests them, it uses field-packing materials — plastic clamshell containers for the strawberries and cardboard trays and cartons for the other produce. Agro-Jal has always used the cash method of accounting for these materials — which means that it deducts their full purchase price in the year it buys them instead of deducting...
MEMORANDUM FINDINGS OF FACT AND OPINION VASQUEZ , Judge . Respondent determined a deficiency of $1,155,065 in the Federal estate tax of the Estate of John A. Pulling, Sr. (estate). After concessions, 1 the sole issue for decision is the total fair market value of three parcels of land (estate's property) included in the value of the gross estate. FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated...
MEMORANDUM FINDINGS OF FACT AND OPINION FOLEY , Judge . The issues for decision, relating to 2005 and 2007, are whether Bosque Canyon Ranch, L.P. (BCR I), and BC Ranch II, L.P. (BCR II), were entitled to charitable contribution deductions relating to their donations of conservation easements, whether BCR I and BCR II (partnerships) were required to recognize income relating to sales of partnership property, and whether the partnerships are liable for section 6662(h) gross valuation...
MEMORANDUM FINDINGS OF FACT AND OPINION NEGA , Judge . Respondent determined a deficiency in petitioner's Federal income tax for tax year 2011 of $10,952 and an accuracy-related penalty pursuant to section 6662(a) of $2,190. 1 The issues for decision are whether petitioner is (1) entitled to an alimony deduction for a lump sum paid to his former wife in 2011, and (2) liable for an accuracy-related penalty pursuant to section 6662(a). FINDINGS OF FACT Some of the facts have been...
MEMORANDUM FINDINGS OF FACT AND OPINION WHERRY , Judge . Respondent determined deficiencies and section 6662(a) 1 accuracy-related penalties with respect to petitioners' 2002 and 2003 taxable years as follows: Penalty Year Deficiency sec. 6662(a) 2002 $2,892,317 $578,463.40 2003 1,604,752 320,950.40 After the parties' filing of a stipulation of facts, a stipulation of settled issues, and a supplemental stipulation of settled issues, which are by this...
MEMORANDUM FINDINGS OF FACT AND OPINION BUCH , Judge . Respondent issued a notice of deficiency determining the following deficiencies and penalties with respect to the Redisches' Federal income tax for years 2009 and 2010. 1 Penalty Year Deficiency sec. 6662(a) 2009 $77,793 $15,559 2010 89,155 17,831 After concessions, the issues remaining for consideration are whether the Redisches converted their secondary...
MEMORANDUM FINDINGS OF FACT AND OPINION NEGA , Judge . Respondent issued a notice of deficiency to Anil V. Shah (Dr. Shah) and Preeti A. Shah (Mrs. Shah) (Shahs, collectively), for tax years 2004 through 2006. Respondent contemporaneously issued Dr. Shah's solely owned corporation — Coastal Heart Medical Group, Inc. (Coastal Heart), a notice of deficiency for fiscal years ending July 31, 2004, 2005, and 2006. Respondent issued separate notices of deficiency to the Shahs for the 2007 tax...
MEMORANDUM OPINION JACOBS , Judge . These cases, consolidated for trial, briefing, and opinion, are before the Court on petitioners' motions for summary judgment, filed August 22, 2013, pursuant to Rule 121. The specific question to be decided is whether petitioners (Barry Cooper and Sandra Cooper) qualify as bona fide residents of the U.S. Virgin Islands (Virgin Islands) during 2002 and 2003 for purposes of determining whether the section 6501 period of limitations on assessment and...
MEMORANDUM FINDINGS OF FACT AND OPINION VASQUEZ , Judge . Respondent determined deficiencies of $856,243 and $370,348 in and section 6663 civil fraud penalties of $642,182 and $277,761 with respect to petitioners' Federal income tax for 1999 and 2000, respectively. 1 The issues for decision are: (1) whether the statute of limitations bars the assessment and collection of deficiencies in income tax and additions to tax for 1999 and 2000; (2) whether Sarah Jacoby is entitled to relief from...
MEMORANDUM OPINION SWIFT , Judge . This matter is before us on respondent's motion to dismiss for lack of jurisdiction under Rule 60(a). Unless otherwise indicated, all section references are to the Internal Revenue Code and all Rule references are to the Tax Court Rules of Practice and Procedure. Background Petitioner was incorporated in California in October 1987. Its corporate privileges were suspended by the State of California in March 2004 pursuant to Cal. Rev. & Tax. Code sec....
