- 3 - Petitioner and Mrs. Condello have two children. Under the divorce decree issued in 1994, petitioner and Mrs. Condello were given joint custody of the children. During 1992, however, the children resided with Mrs. Condello. For the 1992 taxable year, petitioner and Mrs. Condello filed separate Federal income tax returns. Petitioner filed his 1992 Federal income tax return (the return) in or around October 1995. On the return, petitioner reported 100 percent of his C.P.A. business income and only one-half of his other income. He also reported approximately one-half of Mrs. Condello's 1992 income on the return. On the return, petitioner also claimed numerous deductions that respondent denied. On his Schedule A, petitioner deducted $8,500 for legal fees relating to his divorce proceeding. Petitioner also deducted on Schedule A one-half of the total mortgage interest and real property taxes paid on a house located at 5012 Bridgewater Drive (the Bridgewater house). Mrs. Condello paid the mortgage and real property taxes on the Bridgewater house with rental income from her separate property. On his Schedule C for his C.P.A. business, petitioner claimed deductions in the amount of $12,478 relating to that business. On his Schedule E, petitioner claimed deductions relating to a rental property located at 5900 Oregon Trail Court (the rental property) and reported a loss of $2,132.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011