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Treasury Bills
Purchase/ Refund/
Par Purchase Issue Maturity Interest
CUSIP No. Amount Price Date Date Payment
9127944T8 $20,000 $18,855.4004/03/97 04/02/98 $1,144.60
9127944U5 $20,000 18,843.2005/01/97 04/30/98 1,156.80
9127944WJ $25,000 23,642.7506/26/97 06/25/98 1,385.25
9127945A8 $20,000 18,948.4010/16/97 10/15/98 1,051.60
Inflation-Indexed Debt Instrument
Original
Issue
Original Discount
Par Purchase Issue Maturity Issue Reporting
CUSIP No. Amount Price Date Date Discount Period
9128272M3 $15,000 $14,922.3002/06/97 01/15/07 227.25 12/31/97-
12/31/98
Petitioner timely filed his 1998 tax return without
reporting the interest income or original issue discount income
listed above.
Respondent issued a notice of deficiency determining that
petitioner received interest income totaling $4,927 upon the
maturation of four U.S. Treasury bills in 1998 and the receipt of
original issue discount income representing an increase in value
of the inflation-indexed debt instrument in 1998. The
Commissioner relied on Forms 1099 furnished by the Bureau to
determine the omitted income in question.
Petitioner contends that the U.S. Treasury instruments in
issue did not mature in 1998, but rather were purchased in 1998,
and, therefore, are not includable in income in 1998.
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Last modified: May 25, 2011