- 2 - Respondent determined deficiencies in petitioner's Federal income taxes for the taxable years 1994 and 1995 in the amounts of $2,855 and $2,893, respectively, as well an accuracy-related penalty under section 6662(a) for the taxable year 1994 in the amount of $571. After concessions by the parties,2 the issue for decision is whether section 469(i) is unconstitutional.3 FINDINGS OF FACT Some of the facts have been stipulated, and they are so found. Petitioner resided in Omaha, Nebraska, at the time that his petition was filed with the Court. During the years in issue, petitioner was employed as a telemarketer and received wages in the amount of $27,787 for 1994 and $31,859 for 1995. Petitioner also operated an automobile rental business. For the years in issue, the average period of customer use for petitioner's automobiles exceeded 30 days. On his 1994 and 1995 returns, petitioner claimed Schedule C losses 2 Respondent concedes that petitioner is not liable for the accuracy-related penalty under sec. 6662(a) for 1994. The parties agree that computation of the taxable portion of petitioner's Social Security retirement benefits is a mechanical matter the resolution of which is dependent on the disposition of the issue for decision. 3 The parties also disagree as to whether certain Schedule C deductions have been substantiated. However, given our holding on the constitutional issue, we need not consider whether petitioner has substantiated these deductions.Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011