- 2 -
180, 181, and 183.1 The Court agrees with and adopts the opinion
of the Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
NAMEROFF, Special Trial Judge: Respondent determined a
deficiency in petitioner’s 1991 Federal income tax in the amount
of $8,348, an addition to tax under section 6651(a)(1) in the
amount of $99, and an accuracy-related penalty under section
6662(a) in the amount of $1,670. After concessions by the
parties, the issues to be decided are: (1) Whether petitioner is
entitled to a fuel tax credit of $8,249; and (2) whether
petitioner is liable for the accuracy-related penalty.
Petitioner resided in Gardena, California, at the time he
filed his petition. Petitioner filed his 1991 Federal income tax
return reflecting taxable interest income of $563, a Schedule E
partnership loss of $42,168, a net operating loss carryover of
$153,486, and itemized deductions of $10,696. Petitioner also
reported rental income of $6,600 and claimed rental expenses of
$5,638, resulting in a net income from rentals of $962. For some
unexplained reason, the $962 profit was not carried forward to
the face of the Form 1040. In the notice of deficiency,
respondent disallowed the Schedule E partnership loss, the net
operating loss deduction, and reduced the itemized deductions by
1 All section references are to the Internal Revenue Code
in effect for the year in issue. All Rule references are to the
Tax Court Rules of Practice and Procedure.
Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011