Joseph T. Walker and Nancy Walker - Page 2

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                                                         MEMORANDUM FINDINGS OF FACT AND OPINION                                                                                                                     
                                     PARR, Judge: Respondent determined deficiencies in                                                                                                                              
                         petitioners' Federal income tax and additions to tax as follows:                                                                                                                            


                                                        Joseph T. and Nancy Walker                                                                                                                                   
                                                        Docket No. 4923-90                                                                                                                                           
                                                                                                                      Additions to Tax                                                                               
                                                                    Year Deficiency                                   Sec. 6653(b)1                                                                                  
                                                                    1978 $96,900.21                                   $48,450.11                                                                                     
                                                                    1979 104,619.49                                   52,309.75                                                                                      
                                                                    1980 183,321.39                                   91,666.07                                                                                      
                                                                    1981 124,031.84                                   62,015.92                                                                                      
                                                  1           The fraud addition was determined as to Joseph T.                                                                                                      
                         Walker only.                                                                                                                                                                                

                                     West Jersey Manufacturing Co., Inc.                                                                                                                                             
                                     Docket Nos. 18842-90 and 28294-91                                                                                                                                               
                                                                                                                             Additions to Tax                                                                        
                                                                                                    Sec.                                 Sec.                     Sec.                                               
                                                              Sec.                                                                                                                                                   
                         Year                     Deficiency                           6653(a)(1) 6653(a)(2)                                          6653(b)                  6661                                  
                         3/31/78                  $963.00                              --                       --                                    $481.50                  -                                     
                         3/31/79                  123,397.51                           --                       --                                    60,998.96   -                                                  
                         3/31/80                  81,435.75                                                                                           40,717.87   -                                                  
                                                                                       --                       --                                                                                                   
                         3/31/81                  174,068.45                                                                                          85,263.85   -                                                  
                                                                                       --                       --                                                                                                   
                         3/31/82                  101,585.07                                                                                          101,585.07   -                                                 
                                                                                       --                       --                                                                                                   
                         3/31/83                  0.00                                 $7,286.48 1                                                                             $36,432.38                            
                                                                                                                                                                  --                                                 
                         3/31/85                  88,180.05                            4,409.00 2                                                                 --           22,045.01                             
                                     150 percent of the interest due on $145,729.51.                                                                                                                                 
                                     250 percent of the interest due on the deficiency.                                                                                                                              
                                     After concessions, the remaining issues we must decide are:                                                                                                                     
            (1) Whether respondent's determination with respect to unreported                                                                                                                                        
            taxable income of petitioner Joseph T. Walker (Mr. Walker), for 1978,                                                                                                                                    
            1979, 1980, and 1981, should be reduced to take into account certain                                                                                                                                     
            alleged additional cash payments Mr. Walker made to two individuals                                                                                                                                      




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