- 15 - 1 The $62,339 total includes petitioners’ Form W-2 income from First American Bank and Validity Corporation, and petitioners’ “Unreported Tip Income” from the CIPAA Casino (Rogelio--$750; Zenaida--$480). 2 Comparison of a schedule attached to petitioners’ 1993 tax return and the Forms W-2 attached to the same return makes it clear that a transposition of two digits from Zenaida’s CIPAA Casino Form W-2 to the schedule resulted in petitioners overstating their income by $90. See supra note 4. 3 Petitioners’ 1992 tax return shows a $19,000 capital loss carryover from 1992 to 1993, stemming primarily from a $21,688 “Loss in value” on 12,000 shares of PanAm Stock acquired on November 26, 1990. It does not appear that petitioners claimed any capital loss carryover on their 1993 tax return. Petitioners timely filed their tax returns for each of the years in issue: 1991--mid-April 1992, 1992--mid-August 1993, and 1993--mid-April 1994. Petitioners’ 1991 and 1992 tax returns were prepared by W.O. Monroyo & Associates. Petitioners’ 1993 tax return was prepared by Automated Tax & Financial Services. ____________________________ Petitioners failed to report on their tax returns the hourly compensation that the CIPAA Casino paid to each of them in 1991 and 1992. Petitioners failed to report on their tax return the tip income that the CIPAA Casino gathered, apportioned, and periodically paid to petitioners in 1991. The failures to report this income resulted in underpayments of tax required to be shown on petitioners’ tax returns for 1991 and 1992. The failures toPage: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011