Cooperman v. Comm'r

Pursuant to the agreement of the parties in this case it is

ORDERED AND DECIDED: That there is a deficiency in income tax due from petitioners for the taxable year 2005 in the amount of $4,200,000.00;

That there is a deficiency in income tax due from petitioners for the taxable year 2006 in the amount of $9,661,226.00;

That there is no penalty due from petitioners for the taxable year 2005, under the provisions of I.R.C. § 6662(a);

That there is a penalty due from petitioners for the taxable year 2006, under the provisions of I.R.C. § 6662(a), in the amount of $29,191.00.

Entered: MAY 16 2011

(Signed) James S. Halpern

Judge

* * * *

It is hereby stipulated that the Court may enter the foregoing decision in this case.

It is further stipulated that interest will be assessed as provided by law on the deficiencies in tax and penalty due from petitioners

It is further stipulated that, pursuant to the provisions of I.R.C. §6404(g), interest on the deficiency due from petitioners for the taxable year *49 2005 is suspended from October 16, 2007 to May 4, 2010.

It is further stipulated that the deficiency in income tax for the taxable year 2005, does not include a payment in the nature of a cash bond made by petitioners in the amount of $4,700,000.00 on May 20, 2010.

It is further stipulated that the deficiency in income tax for the taxable year 2006, does not include a payment in the nature of a cash bond made by petitioners in the amount of $11,300,000.00 on May 20, 2010.

It is further stipulated that, effective upon the entry of this decision by the Court, petitioners waive the restrictions contained in I.R.C. § 6213(a) prohibiting assessment and collection of the deficiencies in tax and penalty (plus statutory interest) until the decision of the Tax Court becomes final.

WILLIAM J. WILKINS

Chief Counsel

Internal Revenue Service

/s/ Richard Alan Levine

RICHARD ALAN LEVINE

Attorney for Petitioners

Roberts & Holland LLP

Tax Court Bar No. LR0539

825 Eighth Avenue, 37th Floor

New York, NY 10019

Telephone: (212) 903-8729

Date: APRIL 21, 2011

/s/ Steven D. Tillem

STEVEN D. TILLEM

Attorney (Manhattan, Group 2)

(Large Business & International)

Tax Court Bar No. TS0175

33 Maiden Lane

12th Fl.

New York, NY 10038

Telephone: *50 (917) 421-4640

Date: April 25, 2011