RICHARDS ASSET MGMT. TRUST v. COMMISSIONER

2002 T.C. Memo. 74, 83 T.C.M. 1392, 2002 Tax Ct. Memo LEXIS 80
CourtUnited States Tax Court
DecidedMarch 27, 2002
DocketNo. 10764-00; No. 10765-00; No. 10766-00; No. 10767-00
StatusUnpublished
Cited by1 cases

This text of 2002 T.C. Memo. 74 (RICHARDS ASSET MGMT. TRUST v. COMMISSIONER) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
RICHARDS ASSET MGMT. TRUST v. COMMISSIONER, 2002 T.C. Memo. 74, 83 T.C.M. 1392, 2002 Tax Ct. Memo LEXIS 80 (tax 2002).

Opinion

RICHARDS ASSET MANAGEMENT TRUST, ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
RICHARDS ASSET MGMT. TRUST v. COMMISSIONER
No. 10764-00; No. 10765-00; No. 10766-00; No. 10767-00
United States Tax Court
T.C. Memo 2002-74; 2002 Tax Ct. Memo LEXIS 80; 83 T.C.M. (CCH) 1392; T.C.M. (RIA) 54689;
March 27, 2002, Filed

*80 Cases at docket Nos. 10764-00 and 10767-00 dismissed for lack of jurisdiction. Respondent's motion to hold petitioner in default in the case at docket No. 10764-00 and respondent's motion to hold petitioner in default in the case at docket No. 10767-00 denied. Respondent's motions to dismiss for lack of prosecution and to impose sanctions under section 6673 in the cases at docket Nos. 10765-00 and 10766-00 granted and decision entered in each of the cases sustaining respondent's determinations in reduced amounts and imposing a penalty under section 6673(a)(1) in each of those two cases.

*81 John M. Tkacik, Jr., for respondent.
Chiechi, Carolyn P.

CHIECHI

MEMORANDUM OPINION

CHIECHI, Judge: These consolidated cases are before us on respondent's motion to hold petitioner in default in the case at docket No. 10764-00 (respondent's motion in the case at docket No. 10764-00), respondent's motion to dismiss for lack of prosecution and to impose sanctions under section 6673 2*85 *82 in the case at docket No. 10765-00 (respondent's motion in the case at docket No. 10765-00), respondent's motion to dismiss for lack of prosecution and to impose sanctions under section 6673 in the case at docket No. 10766-00 (respondent's motion in the case at docket No. 10766-00), and respondent's motion to hold petitioner in default in the case at docket No. 10767-00 (respondent's motion in the case at docket No. 10767-00). (We shall refer collectively to those four motions as respondent's motions.) At the request of respondent, on October 15, 2001, the Court held a trial in order to enable respondent to present evidence to satisfy the burden of production under section*83 7491(c) that respondent maintains respondent has with respect to: (1) The accuracy-related penalty under section 6662(a) that respondent determined for each of the taxable years 1996 and 1997 in the notice of deficiency (notice) issued to Richards Asset Management Trust (Richards Management Trust) 3 in the case at docket No. 10764-00; (2) the accuracy-related penalty under section 6662(a) that respondent determined for the taxable year 1996 in the notice issued to Everett D. Richards (Mr. Richards) 4 in the case at docket No. 10765-00; (3) the accuracy-related penalty under section 6662(a) for the taxable year 1997 that respondent determined in the notice issued to Mr. Richards in the case at docket No. 10766-00; and (4) the addition to tax under section 6651(a)(1) for each of the taxable years 1996 and 1997 that respondent determined in the notice issued to*84 Richards Charitable Trust 5 in the case at docket No. 10767-00.

Background

The record establishes and/or the parties do not dispute the following:

At the time the respective petitions in*86 these cases were filed, Richards Management Trust, Mr. Richards, and Richards Charitable Trust listed in those petitions the same address in Canton, Ohio.

Richards Management Trust filed Form 1041, U.S. Income Tax Return for Estates and Trusts (trust return), for each of the taxable years 1996 and 1997. In separate Schedules K-1, Beneficiary's Share of Income, Deductions, Credits, etc., that Richards Management Trust included with each of its 1996 and 1997 trust returns, Richards Management Trust showed Mr. Richards and Richards Charitable Trust as beneficiaries and Mr. Richards as the fiduciary of Richards Management Trust.

In each of its 1996 and 1997 trust returns, Richards Management Trust deducted depreciation with respect to certain personal assets of Mr. Richards, including Mr. Richards' personal residence that he had transferred to Richards Management Trust at a time that is not disclosed by the record. Richards Management Trust also deducted other amounts in its 1996 and 1997 trust returns with respect to personal expenses of Mr. Richards.

During respondent's examination of Richards Management Trust's 1996 and 1997 trust returns and thereafter, no books, records, or other*87 information was provided to respondent establishing (1) the jurisdiction under the laws of which Richards Management Trust was purportedly organized, (2) the person who is authorized to act on behalf of Richards Management Trust, and (3) that Richards Management Trust was at all relevant times a trust cognizable for Federal tax purposes. Nor did Richards Management Trust at any time provide any books, records, or other information to respondent establishing the income reported and the expense deductions claimed in Richards Management Trust's 1996 and 1997 trust returns.

In the notice issued to Richards Management Trust, respondent determined, inter alia, that Richards Management Trust is liable for each of the taxable years 1996 and 1997 for the accuracy- related penalty under section 6662(a).

Respondent has no record of Richards Charitable Trust's having filed with respondent Form 990-PF, Return of Private Foundation (Form 990-PF), for either of the taxable years 1996 and 1997. Nor does respondent have a record of any other Federal tax returns having been filed by Richards Charitable Trust for those years.

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Related

RICHARDS ASSET MGMT. TRUST v. COMMISSIONER
2002 T.C. Memo. 213 (U.S. Tax Court, 2002)

Cite This Page — Counsel Stack

Bluebook (online)
2002 T.C. Memo. 74, 83 T.C.M. 1392, 2002 Tax Ct. Memo LEXIS 80, Counsel Stack Legal Research, https://law.counselstack.com/opinion/richards-asset-mgmt-trust-v-commissioner-tax-2002.