David C. Jonson and Estate of Barbara J. Jonson, Deceased - Page 23

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          to his financial affairs.  Barbara was fully aware of the Vulcan            
          investment, of the tax benefits to be derived, and of the risk              
          that those benefits might be challenged by the IRS on audit.                
               Under the foregoing circumstances, we find that it would not           
          be inequitable to hold Barbara liable for the deficiencies                  
          arising out of the Vulcan investment.                                       
               C.  Conclusion                                                         
               Barbara has failed to satisfy the requirements of either               
          section 6015(b)(1)(C) or (D).                                               
          III.  Relief Under Section 6015(c)                                          
               A.  Statutory Language                                                 
               Section 6015(c) provides in pertinent part:                            
               SEC. 6015(c).  Procedures To Limit Liability for                       
               Taxpayers No Longer Married or Taxpayers Legally                       
               Separated or Not Living Together.--                                    
                    (1)  In general.--Except as provided in this                      
                    subsection, if an individual who has made a joint                 
                    return for any taxable year elects the application                
                    of this subsection, the individual’s liability for                
                    any deficiency which is assessed with respect to                  
                    the return shall not exceed the portion of such                   
                    deficiency properly allocable to the individual                   
                    under subsection (d).                                             
                           *  *  *  *    *  *  *                                      
                    (3)  Election.--                                                  
                    (A)  Individuals eligible to make election.--                     
                    (i) In general.--An individual shall                              
                    only be eligible to elect the application of                      
                    this subsection if--                                              

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