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petitioners are liable for the section 6651(a)(1) addition to tax
for failure to file a timely income tax return.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Petitioners resided in Poinciana, Florida, at the time they filed
their petition.
In 1995, petitioner and Kathy Krist (Mrs. Krist) resided in
Hazel Crest, Illinois. They filed their 1995 Federal income tax
return electronically on May 14, 1996. On April 16, 1999, they
filed an amended return for 1995. The notice of deficiency was
timely mailed to petitioners on August 13, 1997.
During 1995, petitioner operated BK Locksmith, a locksmith
business. His brother Brett Krist (Brett) worked for the
locksmith business in 1995. Petitioner also had a Federal
firearms license in the name of Illinois Firearms Service, owned
a rental property, operated a limousine business, and was in the
process of rehabilitating a house for sale. Petitioner was
engaged part-time in these activities. However, during 1995, he
spent more time rehabilitating the house than he spent working in
his locksmith business.
Mrs. Krist was employed full-time as a receptionist at Baker
& McKenzie, a law firm, and part-time at Archibald Candy Corp.,
where she worked for Fannie May Candies during the Easter
holiday.
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