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1998" which identified a long-term capital loss carryforward to
1998 of $122,339.
Petitioner also took a $3,000 capital loss deduction on her
1998 Form 1040. On Schedule D, petitioner claimed short-term
capital losses of $20,917 and long-term capital losses of $25,053
for 1998. She did not attach to the return any worksheets
showing calculations of capital loss carryforwards. Line 14 of
Schedule D reports long-term capital loss carryforwards and also
requires an entry of any carryforward amounts from the previous
year. Petitioner left this entry blank.
In 1999, petitioner took a $3,000 capital loss deduction on
her Form 1040. Respondent reviewed the documents petitioner
provided, and the parties stipulated that in 1999, petitioner had
short-term capital gains of $1,081 and long-term capital gains of
$1,527. On her Schedule D, however, petitioner reported short-
term capital gains of $206 and long-term capital gains and
distributions of $617. Petitioner carried forward a short-term
capital loss of $17,917 from 1998, resulting in a reported short-
term capital loss of $17,711. Petitioner also carried forward a
long-term capital loss of $25,053 from 1998 resulting in a
reported long-term capital loss of $24,436. Petitioner did not
carry forward to 1998 or to 1999 the $125,339 long-term capital
loss carryforward she claimed on her 1997 tax return.
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Last modified: May 25, 2011