Opinion
20170-22S
01-24-2024
TIM B. LOCKHART & CHERYL LOCKHART, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER
Peter J. Panuthos Special Trial Judge
By Order served May 24, 2023, this case was calendared for trial on the Court's San Diego, California trial calendar which commenced on October 23, 2023. When this case was called, both petitioners and respondent's counsel appeared and were heard. The matter was tried before the Court.
At the conclusion of trial, the case was submitted and the Court ordered respondent to file a post-trial memorandum by December 22, 2023. On December 12, 2023, respondent filed a Motion for Extension of Time Within Which to File Post-Trial Memorandum. The Court granted the motion.
On January 23, 2024, the Court held a conference call with the parties. The parties advised that they had reached a basis for settlement which would depend on certain conditions to be met by petitioners. Respondent advised that the process of ultimately resolving this matter may take a few months including the approval of financial institutions and review and input by respondent.
Upon due consideration, it is
ORDERED that on or before April 19, 2024, the parties shall file a report (joint or separate) regarding the then-present status of this case.