- 2 -
MEMORANDUM FINDINGS OF FACT AND OPINION
COLVIN, Judge: Respondent determined deficiencies and
additions to tax in petitioners' Federal income tax as follows:
Reaves Livestock, Inc.
Additions to Tax
Year Deficiency Sec. 6653(b)(1) Sec. 6653(b)(1)(A) Sec. 6661
1984 $39,374 $28,835 $14,418
1985 79,218 42,459 21,229
1986 95,420 $91,216 30,405
1987 85,092 74,947 24,982
Respondent also determined that Reaves Livestock, Inc.
(Reaves Livestock) is liable for additions to tax for fraud of 50
percent of the interest due on $57,670 for 1984 and $84,918 for
1985 under section 6653(b)(2), and 50 percent of the interest due
on $121,621 for 1986 and $99,929 for 1987 under section
6653(b)(1)(B).
George K. Reaves and Linda L. Reaves
Additions to Tax
Year Deficiency Sec. 6653(b)(1) Sec. 6653(b)(1)(A) Sec. 6661
1984 $40,883 $20,552 $10,221
1985 66,787 34,452 16,697
1986 130,741 $98,056 32,685
1987 112,224 84,168 28,056
Respondent also determined that George K. Reaves (Mr.
Reaves) and Linda L. Reaves (Mrs. Reaves) are liable for
additions to tax for fraud of 50 percent of the interest due on
$40,883 for 1984 and $66,787 for 1985 under section 6653(b)(2),
and 50 percent of the interest due on $130,741 for 1986 and
$112,224 for 1987 under section 6653(b)(1)(B).
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