Joseph A. and Carol DelVecchio - Page 3




                                                                  - 3 -                                                                       
                Joseph DelVecchio:                                                                                                            
                                                       Additions to Tax                                                                       
                                                  Sec.         Sec.                        Sec.             Sec.                              
                Year Deficiency  6653(b)(1)(A) 6653(b)(1) 6653(b)(1)(B)   6661                                                                
                1987  $30,789                     $23,092                  --                   1           $7,697                            
                1988   29,282                     --              $21,961        --                         7,321                             
                         150% of the interest payable under sec. 6601.                                                                        
                Carol DelVecchio:                                                                                                             
                                                Additions to Tax                                                                              
                                                  Sec.         Sec.                        Sec.             Sec.                              
                Year Deficiency  6653(a)(1)(A) 6653(a)(1)(B) 6653(a)(1)    6661                                                               
                1987  $30,789                     $1,539                      1            --               $7,697                            
                1988   29,282                     –-                       --              $1,464           7,321                             
                         150% of the interest payable under sec. 6601.                                                                        
                         Unless otherwise indicated, all section references are to                                                            
                the Internal Revenue Code in effect for the years in issue, and                                                               
                all Rule references are to the Tax Court Rules of Practice and                                                                
                Procedure.                                                                                                                    
                         The principal issues remaining for decision are petitioners’                                                         
                claims that they are entitled to net operating loss deductions                                                                
                for the years in issue and the additions to tax.                                                                              
                                                         FINDINGS OF FACT                                                                     
                Residence                                                                                                                     
                         Petitioners resided in Stuart, Florida, at the time the                                                              
                petition was filed.                                                                                                           
                Monterey Glass and Mirror Distributors                                                                                        
                         Petitioner Joseph DelVecchio (Joseph) is a glazier.  During                                                          
                the years in issue, Joseph sold glass to both wholesale and                                                                   
                retail customers.  Joseph carried on his business as a                                                                        





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011