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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.
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