- 4 - 1995 and 1996, petitioner, as a representative of SEC, contributed his services as a consulting engineer to nonprofit organizations such as Christian Fellowship Ministries. Neither SEC nor petitioner billed or received any money for such services. SEC did not receive taxable income during the years in issue, nor did SEC pay petitioner any sums as either salary or self-employment income during the years in issue. Petitioner maintained an account at Charles Schwab titled in his name “UTA Charles Schwab & Co Inc, SEP-IRA DTD 11/20/93". Contributions were made to the account in the amounts of $27,500 for 1995 and $30,000 for 1996. Petitioner also paid $3,079 and $4,570 for self-employed health insurance for 1995 and 1996. Petitioner’s father, Peter J. Spuler, Sr. (Mr. Spuler), died in 1995. During that year petitioner received a distribution in the amount of $10,906 from Mr. Spuler’s estate representing petitioner’s share of an IRA owned by Mr. Spuler and held by the South Jersey S&L Association. The record is unclear as to whether petitioner was listed as a beneficiary of the IRA and/or whether the distribution was paid directly to petitioner or passed through the estate. Mr. Spuler’s will provided that his estate would be liable for all Federal, State, and other taxes arising from the transfer of property under the will. Petitioner received automatic extensions to file his 1995 and 1996 Federal income tax returns. The due date of the 1995Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011