- 120 - Table 19 Respondent’s Contentions Year (Table 15) Court’s Holdings 1983 $10,329.90 $6,189.79 1984 5,169.50 780.00 1985 12,879.74 9,966.71 1986 13,322.32 5,963.43 Petitioner does not contend that he is entitled to offsetting deductions or credits for any of those years.30 Thus, we conclude that respondent has shown by clear and convincing evidence that petitioner had an underpayment of tax for each of the years 1983 through 1986. We hold for respondent on this issue. B. Fraudulent Intent Respondent contends that “petitioner’s returns for four consecutive years omitted substantial amounts of constructive dividend income”, petitioner was “intimately aware” of the pattern of omissions, petitioner’s “specialized knowledge and 30 The parties have stipulated that petitioner and Betsy-- are entitled to credits in the above amounts [the amounts of F.I.C.A. taxes withheld from Sley Corporations’ payments to Betsy] for 1983, [$2,391.91] 1984 [$2,532.59] and 1985 [$2,791.78; see supra table 3] in determining the amounts of overpayments or deficiencies to be paid with respect to their joint returns for said years. We understand this to be an agreement relating to payments, and not an agreement affecting the determination of the “underpayment” as used in sec. 6653(b)(1). However, this agreement would affect the amount of any additional addition to tax under sec. 6653(b)(2).Page: Previous 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 Next
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