New Millennium Trading, L.L.C. v. Comm'r
United States Tax Court
P challenges adjustments in a notice of final partnership administrative adjustment (FPAA) issued to NM. The FPAA, in part, determined that penalties under sec. 6662, I.R.C., were applicable.
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P challenges adjustments in a notice of final partnership administrative adjustment (FPAA) issued to NM. The FPAA, in part, determined that penalties under sec. 6662, I.R.C., were applicable. P, wanting to raise partner-level defenses to the determination of sec. 6662, I.R.C., penalties if we should sustain R's substantive determinations in this partnership-level proceeding, has filed a motion for partial summary judgment to declare that sec. 301.6221-1T(c) and (d), Temporary Proced. & Admin. Regs., 64 Fed. Reg. 3838 (Jan. 26, 1999), is invalid, or, in the event we hold the regulation valid,…
1Opinion of the Court
OPINION
Goeke, Judge:
This case is before the Court on petitioner’s motion for partial summary judgment filed pursuant to Rule 121.1 Petitioner asks that we hold section 301.6221-lT(c) and (d), Temporary Proced. & Admin. Regs., 64 Fed. Reg. 3838 (Jan. 26, 1999), invalid, or if valid, inapplicable. For the reasons stated herein, we will deny petitioner’s motion in both respects.
Background
The following information is stated for purposes of this Opinion only; this case has yet to be tried on the merits.
On May 20, 1999, Andrew Filipowski established the AJF— 1 Trust (trust) by a declaration of…
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