- 9 -
Extension of Time to File U.S. Individual Income Tax Return) with
respect to the taxable year 1988, which automatically extended
petitioner's filing deadline until August 15, 1989. Petitioner
did not mail the return until September 2, 1989. Petitioner's
original individual income tax return for 1988 reported
petitioner's receipt of these liquidating distributions.
Petitioner's stock bases, as reported by him on his Schedule D
for 1988, were $6,225 in FSRC and $1,000 in DHF. Petitioner also
reported $97 in interest income on his original return. Neither
FSRC nor DHF reported any interest income on their 1988 income
tax returns. The Internal Revenue Service's records indicate,
however, that petitioner received several Forms 1099-INT, which
state that he received interest income in the total amount of
$13,467.6
On March 5, 1991, petitioner filed an amended return for the
1988 taxable year. On his amended return, petitioner reported
total income in the amount of $41,570. This amount reflects
$30,000 in business income and two items petitioner reported on
his original return: (1) $97 of interest income, and (2) $11,473
6The $13,467 figure represents the $97 that petitioner
reported on his income tax return, plus the $13,370 interest
determined to be income to petitioner in the statutory notice of
deficiency. Paragraph 6 of the stipulation of facts incorrectly
states that the Service's records reflect a total interest figure
of $13,346. Petitioner did not object to the correction of this
error.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011