Hallmark Cards v. Commissioner
United States Tax Court
In a decision which has become final, this Court determined that P had an overpayment of Federal income tax for the taxable year 1987, due to a foreign tax carryback from 1989. Prior to the application of the carryback, P had a deficiency for 1987. P filed a timely motion to redetermine interest under sec. 7481(c), I.R.C. Thereafter, P filed a motion for leave to withdraw its earlier motion on jurisdictional grounds.
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In a decision which has become final, this Court determined that P had an overpayment of Federal income tax for the taxable year 1987, due to a foreign tax carryback from 1989. Prior to the application of the carryback, P had a deficiency for 1987. P filed a timely motion to redetermine interest under sec. 7481(c), I.R.C. Thereafter, P filed a motion for leave to withdraw its earlier motion on jurisdictional grounds. HELD, this Court has jurisdiction over P's motion to redetermine interest. HELD, FURTHER, the exercise of such jurisdiction is mandatory, and, thus, P's motion to withdraw is…
1Opinion of the Court
OPINION
Tannenwald, Judge:
On January 28, 1997, the Court entered a decision in the instant case, which became final within the meaning of section 7481(a)1 on April 28, 1997. On March 26, 1998, petitioner timely filed a motion under section 7481(c) and Rule 261 to redetermine interest on deficiency for the taxable year 1987 (motion to redetermine interest). Subsequently, on August 27, 1998, petitioner filed a motion for leave to withdraw motion to redetermine interest on deficiency (motion to .withdraw). Petitioner filed its motion to withdraw in order to pursue remedies in another forum,…
2Cases cited6 opinions
- Dorl v. CommissionerUnited States Tax Court · 1972
- Estate of Ming v. CommissionerUnited States Tax Court · 1974
- Powell v. CommissionerUnited States Tax Court · 1991
- Bankamerica Corp. v. CommissionerUnited States Tax Court · 1997
- Coninck v. CommissionerUnited States Tax Court · 1993
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Dresser Industries, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 2001
- Sunoco, Inc. v. Comm'rUnited States Tax Court · 2004
- Hallmark Cards v. CommissionerUnited States Tax Court · 1998
- Hallmark Cards, Incorporated and Subsidiaries v. CommissionerUnited States Tax Court · 1998
- Sunoco, Inc. and Subsidiaries v. CommissionerUnited States Tax Court · 2004
1 more not listed; retrieve them via the Exa API.