- 3 -
the relevant period; among other things, they were unable to pay
their obligations timely, and they lost property in foreclosure.
Petitioners filed a 1992 joint Federal income tax return on
April 19, 1995, reporting the following items of income:
Wages
$66,451
Taxable interest income
2,015
Business income or (loss)
(73,129)
Unemployment compensation
4,664
Other income--Jury duty
37
Petitioners claimed that their taxable income was zero and that
their tax liability was zero. Petitioners claimed they were due
a refund of $4,504, which represented the amount of Federal
income tax that was withheld from wages paid to Ms. Harris.
Petitioners reported the $2,015 of interest income to
reflect their receipt of $1,832 in Alaskan permanent fund
dividends. Petitioners erroneously reported the $2,015 amount,
rather than the correct $1,832 amount, and they erroneously
reported that the dividends were interest. The parties agree
that petitioners should have reported the $1,832 amount as
miscellaneous income.
Petitioners received 1992 Forms 1099-INT, Interest Income,
in the amounts and from the payers set forth below:
National Bank of Alaska (NBA) $11,880
Alaskan Federal Credit Union 28
Internal Revenue Service 76
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011