- 7 -
for 1988 and $150,058 for 1989. On petitioners' 1988 Federal
income tax return, they reported a $1,105 short-term capital loss
to be carried over to 1989, $5,000 of estimated tax payments, and
$11 of tax withheld. On their 1989 Federal income tax return,
petitioners deducted a $1,208 short-term capital loss carryover
from 19881 and reported $8,000 of estimated tax payments and $3
of tax withheld. Both petitioners signed the returns. Mrs.
Wilkinson claims that she did not read the returns before signing
them but concedes that she could have read the returns before she
signed them.
Petitioners have a history of filing delinquent tax returns
and paying late any tax that is due with respect thereto.
Petitioners filed their 1985 return in December 1986 and paid the
balance of the tax in April 1987. Petitioners filed their 1986
return in July 1988, paying the balance of the tax due in January
1989. Petitioners filed their 1987 return in July 1990, paying
the balance of the tax due in April 1991.
3. Dr. Wilkinson's Criminal Plea
On or about March 31, 1995, a "Misdemeanor Information" was
filed against Dr. Wilkinson, charging him with violating
section 7203 by willfully failing to file timely Federal income
tax returns for 1988 through 1990. On November 1, 1995,
Dr. Wilkinson pled guilty to violating section 7203 for 1988.
1 This discrepancy accounts for the $29 deficiency in the
1989 tax year.
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