N.Y. Football Giants v. Comm'r
United States Tax Court
Respondent (R) sent petitioner (P), an S corporation, a notice of deficiency in which R determined that P was subject to the built-in gains tax under sec. 1374, I.R.C., for payments P received in fiscal years 1996, 1997, and 1998. R issued no notice of final S corporation administrative adjustment to P for fiscal years 1996 or 1997. R contends that the notice of deficiency is invalid as to fiscal years 1996 and 1997 and prohibited by secs. 6225 and 6244, I.R.C., for those…
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Respondent (R) sent petitioner (P), an S corporation, a notice of deficiency in which R determined that P was subject to the built-in gains tax under sec. 1374, I.R.C., for payments P received in fiscal years 1996, 1997, and 1998. R issued no notice of final S corporation administrative adjustment to P for fiscal years 1996 or 1997. R contends that the notice of deficiency is invalid as to fiscal years 1996 and 1997 and prohibited by secs. 6225 and 6244, I.R.C., for those years because the built-in gains tax is a subchapter S item, sec. 301.6245-1T, Temporary Proced. & Admin. Regs., 52 Fed.…
1Opinion of the Court
OPINION
Colvin, Judge:
Respondent determined that petitioner is liable for built-in gains tax of $574,000 for fiscal year 1996,1 $914,334 for fiscal year 1997, and $220,156 for fiscal year 1998, and for accuracy-related penalties under section 6662(a) of $114,800 for fiscal year 1996, $182,867 for fiscal year 1997, and $44,031 for fiscal year 1998. Petitioner has been an S corporation since 1993.
This matter is before the Court on respondent’s motion to dismiss for lack of jurisdiction as to fiscal years 1996 and 1997.
Respondent contends that the notice of deficiency is invalid as to fiscal…
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