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certificate of deposit (CD) at Asheville Savings. Petitioner was
required to pay a penalty of $115 to Asheville Savings because of
the premature withdrawal of funds from his CD. Petitioner claims
that he did not owe any unpaid Federal income taxes for 1985;
however, at the time of trial, petitioner had been unsuccessful
in recouping the $1,562 that he alleges was wrongfully seized by
respondent.
On the joint Federal income tax return filed by petitioner
and his wife for 1994,2 petitioner reported $65,514 in wage
income, $139 in taxable interest income, $1,350 in taxable
refunds of State and local income taxes, $1,800 in taxable
pension income, and a $7,140 loss from rental real estate, for a
total income of $61,663. Petitioner claimed a $2,000 deduction
for a contribution to an IRA and an $8,000 deduction for alimony
paid, resulting in an adjusted gross income of $51,663.
In the notice of deficiency, respondent determined that
petitioner received $19 in unreported taxable interest income and
a $500 unreported taxable distribution from an IRA, based on
information reported to respondent by the payor. Respondent also
disallowed petitioner's $2,000 IRA contribution deduction and
made computational adjustments to petitioner's miscellaneous
itemized deductions. Respondent allowed petitioner a $115
2
Although the notice of deficiency was issued to petitioner
and his wife, the petition was filed only by petitioner.
Petitioner's wife is not a party in this proceeding.
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Last modified: May 25, 2011