Opinion
17562-23S
07-26-2024
MAX PALOMBO & MEAGAN PALOMBO, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
Zachary S. Fried, Special Trial Judge.
On July 25, 2024, the parties filed a Settlement Stipulation and Proposed Stipulated Decision. However, the preamble on the proposed decision document is improper under the circumstances. Consequently, the Court is unable to process the parties' Proposed Stipulated Decision.
In view of the foregoing, to give effect to the agreement of the parties in this case, and for cause, it is
ORDERED that the parties' Proposed Stipulated Decision is recharacterized as the parties' Stipulation of Settlement. Taking into account the basis for settlement reached between the parties, as reflected in that document, and incorporating herein the facts stipulated by the parties as the findings of the Court, it is further
ORDERED AND DECIDED that there is a deficiency in income tax due from petitioners for the taxable year 2021 in the amount of $11,265.00 and that there is an overpayment in income tax due to petitioners for taxable year 2021 in the amount of $1,071.73, which amount was paid after the mailing of the notice of deficiency; and
That there is no penalty under I.R.C. § 6662(a) due from petitioners for taxable year 2021.