Olson v. United States

OPINION

WIESE, Judge.

Introduction

Plaintiffs Stephen and Henrietta Olson (husband and wife) seek a refund of taxes, interest and penalties assessed against them *728pursuant to a settlement agreement with the Internal Revenue Service (“IRS”) formalizing the disallowance of an investment tax credit (“ITC”) claimed by Stephen Olson’s partnership.1 Plaintiffs base their right to a refund primarily on the IRS’s failure to have issued statutory notices of deficiency prior to assessing the amounts in question.

The essential question is whether, when a partnership-level determination under the Tax Equity…