George R. and Donelle C. Hawthorne - Page 2




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               (1)  Did petitioners erroneously include in dividend income             
          in their tax returns (returns) for 1992 and 1993 cash distribu-              
          tions (cash distributions) received during those years on certain            
          stock?  We hold that they did not except to the extent stated                
          herein.                                                                      
               (2)  Did petitioners erroneously include in dividend income             
          in their returns for 1992, 1993, and 1994 dividends in stock                 
          received during those years under dividend reinvestment programs?            
          We hold that they did not.                                                   
               (3)(a)  Should respondent's determination with respect to               
          certain interest income reported by petitioners in Schedule C of             
          their return for 1992 be sustained?  We hold that it should.                 
               (b)  Should respondent's determinations with respect to                 
          the expenses claimed by petitioners in Schedules C of their                  
          returns for 1992, 1993, and 1994 be sustained?  We hold that they            
          should.                                                                      
                                   FINDINGS OF FACT1                                   
               Some of the facts have been stipulated and are so found.                
               Petitioners resided in Santa Fe, New Mexico, at the time the            
          petition was filed.                                                          
               Petitioners filed joint returns for 1992, 1993, and 1994.               






          1  Unless otherwise indicated or needed for clarity, our Findings            
          of Fact and Opinion pertain to 1992, 1993, and 1994, the years at            
          issue.                                                                       


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