Greg McIntosh and Sheila R. McIntosh - Page 8

                                        - 8 -                                         
          additional information on the Vallecito property, including                 
          verification that the escrow statement referencing the $11,104.67           
          deposit related to the Vallecito property and not to another.               
          The letter also states that "there appears to be conflicting                
          evidence as to whether the taxpayers resided in the Vallecito               
               On January 11, 2000, Appeals faxed to Mr. Brown an offer in            
          settlement of the disputed items for the 1995 and 1996 tax years.           
          A number of items were included in the settlement.  Among those             
          agreed upon was the cost of goods sold adjustment for 1996 of               
          $8,412.  It was reduced by $9,097, the US Bank check amount of              
          $11,104.67 less $2,008.06 of expenditures previously allowed as             
          capital items that for settlement purposes were to be allowed as            
          expense deductions in 1995.  Under the proposed settlement, the             
          1996 adjustment for legal and professional fees of $625 would be            
          conceded by the IRS as well as the utilities adjustment of $547             
          for 1995.  The letter makes an inquiry as to:  "What is the                 
          additional $153 of utilities (700-547)?"  That same day the                 
          parties participated in a telephone conference regarding the                
          settlement offer.                                                           
               A revised settlement offer was accepted on January 19, 2000.           
          On February 10, 2000, the Court issued its notice setting                   
          petitioners' case for trial at the May 4, 2000, trial calendar in           
          Reno, Nevada.  The documents embodying the settlement agreement             
          were signed by petitioners on February 22, returned to                      

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