- 4 -
D. The petitioner’s failure to file
federal income tax returns in a timely manner
is due to and resultant from reasonable
cause.
In his Motion for Summary Judgment, respondent, for the
purpose of this motion, concedes the capital gain adjustment of
the statutory notice of deficiency. Thus, this adjustment is no
longer at issue.
The notice of deficiency allowed petitioner a standard
deduction of $3,175 based on “married filing separate” status.
Respondent concedes that petitioner should be allowed a standard
deduction of $3,800 based upon “single” filing status. This
adjustment is not at issue.
For the purpose of this motion, respondent concedes the
sections 6651(a)(1) and 6654(a) additions to tax. Thus, these
adjustments are no longer at issue.
Before respondent filed the motion for summary judgment,
petitioner filed a reply to respondent’s answer to the petition
in which he avers:
2. On or about September 29, 1998, Petitioner
received his W2 forms for the first time from his
previous employer, MCI Communications Corporation
* * *. Those W2's indicate that Petitioner’s total
income for the calendar year 1994 was thirty-seven
thousand, three hundred twenty-three dollars and eleven
cents, ($37,323.11). This income includes all
Incentive Stock Options, (ICO’s), exercised in calendar
year 1994.
The notice of deficiency included in petitioner’s income
wages of $37,323 for 1994. Pursuant to petitioner’s admission in
Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011