Ernesto H. Monroy - Page 2
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Unless otherwise indicated, all section references are to the
Internal Revenue Code in effect for the years in issue, and all
Rule references are to the Tax Court Rules of Practice and
After concessions, the issues for decision are: (1) Whether
petitioner had unreported income in 1990 in the amount of
$941,671; (2) whether petitioner had unreported income in 1991 in
the amount of $563,877; and (3) whether petitioner is liable for
the fraud penalty for 1990 and 1991.
FINDINGS OF FACT
Some of the facts have been stipulated, and the stipulated
facts are incorporated in our findings by this reference. At the
time the petition was filed, petitioner resided in Leon, Mexico.
Petitioner is a citizen of Mexico. Petitioner married Maria del
Carmen Yurietta Valdes (Yurietta) in 1959; they had five
children. Petitioner and Yurietta were separated in 1974, and
Yurietta is not a party to this proceeding.
Petitioner filed Forms 1040, U.S. Individual Income Tax
Returns, for 1988 through 1991. On those returns, petitioner
stated that he resided in San Antonio, Texas. Petitioner claimed
single as his filing status.
On December 27, 1989, petitioner applied for a mortgage on
4 Morning Downs, a residence located in the "Dominion", an
exclusive country club in San Antonio, Texas. Petitioner
purchased the home for $673,956, paying $5,302.65 as a down
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