- 4 - petitioner indicated that the only property stolen was a tool chest. On May 29, 1991, petitioner's bankruptcy proceedings were closed. On April 18, 1994, petitioners untimely filed their 1991 joint Federal income tax return. On February 27, 1995, petitioners untimely filed their 1992 and 1993 joint Federal income tax returns. On October 15, 1995, petitioners timely filed their 1994 joint Federal income tax return. On their 1991 through 1994 joint Federal income tax returns, petitioners claimed NOL carryovers that purportedly originated primarily in 1987 and prior years as follows: Tax Return NOL Carryovers Claimed 1991 $225,127 1992 174,729 1993 106,089 1994 31,784 On their 1991 through 1994 joint Federal income tax returns, after applying the above claimed NOL carryovers, petitioners' net taxable income or net losses were reflected as follows: Tax Return Taxable Income or Loss 1991 ($186,017) 1992 (118,378) 1993 (36,484) 1994 10,461Page: Previous 1 2 3 4 5 6 7 Next
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