Thomas B. McCarthy, Jr. and Janice R. McCarthy - Page 2

                                                - 2 -                                                 
                  Respondent determined a deficiency in petitioners' Federal                          
            income tax in the amount of $2,960 for the taxable year 1991.                             
            The only issue in dispute is whether petitioners are entitled to                          
            claimed dependency exemptions.2                                                           
                  Some of the facts have been stipulated and are so found.  At                        
            the time of filing the petition herein, petitioners resided at                            
            Columbia, Maryland.                                                                       
                  Petitioner Thomas B. McCarthy (hereinafter petitioner) was                          
            married to Rosalie McCarthy on July 18, 1980.  There are three                            
            children of that marriage, born in 1981, 1983, and 1987.  In                              
            March 1989, petitioner and Rosalie McCarthy entered into a                                
            voluntary separation and property settlement agreement.  The                              
            agreement provided for joint legal custody of the children.  The                          
            agreement also provided that the children would reside primarily                          
            with Rosalie McCarthy with weekend, some week night, and summer                           
            visitations with petitioner.  The agreement also provided as                              
                        Wife agrees that for each calendar year in which                              
                  the Husband shall have made all child support payments                              
                  which he is obligated to make, she shall execute a                                  
                  written declaration on a form to be provided by the                                 
                  Internal Revenue Service or any applicable state taxing                             
                  authority conforming to the substance of such form                                  
                  stating that she will not claim the children as                                     
                  dependents for that calendar year.  Wife shall give                                 
                  such executed declaration to Husband upon his request                               
                  on or after January 1st each year for the calendar year                             

            2  Petitioners conceded the adjustment in the notice of                                   
            deficiency disallowing $4,120 of the $14,805 mortgage interest                            
            deduction claimed on the 1991 return.                                                     

Page:  Previous  1  2  3  4  5  Next

Last modified: May 25, 2011