- 8 - Increased Additions to Tax1 Year Deficiency Sec.6651(a)(1) Sec.6654(a) 1994 $20,297 $4,553.05 -0- 1995 20,921 5,332.38 $1,126.95 1996 24,343 5,427.01 1,279.66 1 Respondent also seeks an addition to tax under sec. 6651(a)(2) from petitioner for the 1996 taxable year in an amount equal to 0.5 percent of any unpaid portion of the deficiency in Federal income tax for each month or fraction thereof from April 15, 1997, until the deficiency is fully paid, not exceeding 25 percent in the aggregate. Petitioner stipulated that no estimated income taxes had been paid during the years in issue. Petitioner stipulated or admitted that he and his wife received gross income in the following amounts: Source of Income4 1994 1995 1996 Retirement pension-petitioner $28,368 $29,133 $29,925 Interest 96 3,780 1,880 Wife’s wages 55,359 51,268 66,964 Schedule C gross receipts (including accrued income) 27,037 37,954 26,935 Schedule E rental income 2,570 4,700 3,800 Schedule F farming activities 600 1,453 1,500 Petitioner alleges that he incurred losses in his Schedule C, E, and F activities during the taxable years 1987, 1988, 1989, 1991, 1992, 1993, 1994, 1995, and 1996. Respondent conceded that petitioner substantiated the following expenses and exclusions from income: 4 These amounts are rounded to the nearest dollar.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011