- 10 - 30. Each of the Forms 1040 contain the petitioner Wayne E. Wells' name and address. On line 7 for wages, salaries, tips, etc., was written the word "Estimated." 31. The respondent processed the 1040 for 1986 as a valid, albeit delinquent, federal income tax return, but the respondent determined that the Forms 1040 for 1987, 1988 and 1989 were not valid returns and did not process them as valid returns. 32. The respondent used Bureau of Labor Statistics to partly or wholly determine the income for petitioner Wayne E. Wells during the four tax years 1986, 1987, 1988 and 1989. The respondent used the income figures of all urban consumers for a family of four living in Dallas, Texas, at the intermediate family level, relying on 1981 as the base year, when petitioner's Wayne E. Wells income was $22,678.00. Those computations are reflected in the three-page Exhibit 13-M. 33. Based solely on those Bureau of Labor Statistics figures, petitioner Wayne E. Wells had partial earned gross income for the taxable years 1986, 1987, 1988 and 1989 in the amounts of $27,341.00, $28,325.00, $61,672.00 and $30,902.00, respectively. 34. From January 1, 1986, to April 8, 1986, petitioner Wayne E. Wells earned income from Casualty Reciprocal Exchange reported on a Form W-2 in the amount of $13,419.36; that amount was included by the respondent as part of the earned gross income for 1986 of $27,341.00. 35. The respondent also determined that petitioner Wayne E. Wells' received additional income during the taxable year 1988 when his profit-sharing plan with the Dodson Group, of which Casualty Reciprocal Exchange was a member and the petitioner's actual employer, was liquidated. It was liquidated when the IRS seized the money to pay off past assessments. This amount was $32,185.00 and was received from the trustee, United Missouri Bank of Kansas City, Trust Division. The respondent also determined that petitioner Wayne E. Wells received additional income in 1988 in the form of interest from the U.S. Treasury Department, in the amount of $30.00.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011