- 3 - In the years 1990 and 1991, petitioner was a financial planner. He received compensation from multiple sources such as insurance and investment companies. Petitioner also paid commissions to other individuals for which he was entitled to business expense deductions. In 1990, petitioner received compensation from at least six sources. In 1991, he received compensation from 15 sources. Some of petitioner's compensation was reported on Forms W-2 and some on Forms 1099. In each year, petitioner received more than one income statement from at least one company.2 Petitioners filed for, and were allowed, an extension of time to file their Federal income tax return for taxable year 1990, extending the due date to October 15, 1991. Their 1991 return was due on April 15, 1992. Both returns were filed on October 19, 1992. Sometime prior to October 19, 1992, petitioners received a letter from the Internal Revenue Service (IRS) requesting petitioners to bring in their records at a specified time for purposes of preparing a return. Just prior to the scheduled meeting, petitioner filled out portions of the returns (Forms 2 In 1990, petitioner received two Forms 1099 from Security Life of Denver, and both a Form 1099 and a Form W-2 from New England Mutual Life Insurance Co. The Form 1099 from Gordon Anthony for 1990 is marked "corrected", indicating a previous incorrect form had been issued. In 1991, petitioner received both a Form 1099 and a Form W-2 from New England Mutual Life Insurance Co. and two Forms W-2 from Provident Mutual Life Insurance Co.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011