- 3 - petitioner is entitled to dependency exemptions for his two daughters; (4) whether petitioner may claim certain Schedule C expenses as deductions; (5) whether petitioner is entitled to a long-term capital loss deduction; and (6) whether the additions to tax for failure to file and failure to pay estimated income tax, pursuant to sections 6651 and 6654, respectively, should be sustained. For simplicity and clarity, we will first set forth the relevant background facts. We shall then combine our findings of fact and opinion with respect to each issue. Some of the facts have been stipulated, and they are so found. The stipulation of facts and the attached exhibits are incorporated herein by this reference. At the time of filing the petition herein, petitioner resided in Riverside, New Jersey. During 1991, petitioner was a manager for Drink-A-Toast Co., a small soft drink manufacturing company. Petitioner received wages from Drink-A-Toast Co. totaling $39,773. As manager, petitioner was in charge of personnel, payroll, and the manufacturing process. Petitioner has prepared individual and business income tax returns since 1975. Issue 1 and 2. Petitioner's Filing Status and the Filing of the 1991 Return (a) General The first two issues--(1) whether petitioner timely filed his 1991 return, and (2) whether petitioner may elect "married filing joint" status--are intertwined.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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