Theodore B. Gould and Estate of Helen C. Gould, Theodore B. Gould v. Commissioner

CONTENTS

FINDINGS OF FACT . 423

OPINION . 431

I. Deficiency Proceeding Regarding Petitioners’ 1995-2002 Tax Liabilities . 431

A. Period of Limitations . 431

1. Introduction . 431

2. Underpayment of Tax . 431

a. NOL Carryovers . 432(1) The MCLT Is Not a Grantor Trust . 432(a) Collateral Estoppel . 433(b) Grantor Trust Rules . 435(2) Petitioners Are Not Entitled to NOL Carryovers of Petitioner’s Bankruptcy Estate Upon Its Termination . 440

b. Capital Loss Deductions . 443

c. Conclusion . 445

3. Fraudulent Intent . 446

a. Understatement of Income . 446

b. Inadequate Maintenance of Records . 447

c. Failure To…