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income of $35 from Cyprus Credit Union, dividend income of
$19,152,7 and Schedule D capital gain of $500,755 from the sale
of certain stock.8 The 1995 joint return claimed deductions for
Schedule A itemized deductions of $39,636, a Schedule C loss of
$127,219 relating to Mr. Mellen’s activities as an inventor, a
Schedule E loss of $29,144, and a casualty loss of $30,930 as a
result of the July 15, 1994 accident that caused damage to, or
destruction of, property that petitioner and Mr. Mellen claimed
Mr. Mellen used in his business (claimed casualty loss deduc-
tion).
The Schedule A itemized deductions in the 1995 joint return
were for claimed State and local income taxes of $147, real
estate tax of $2,424, personal property tax of $100, mortgage
interest of $6,979, and gifts to charity of $37,205. Schedule A
of the 1995 joint return listed $0 as the amount of medical
expenses for which petitioner and Mr. Mellen were not reimbursed
by insurance.
The 1995 joint return showed total Federal income tax of
$79,467 and such tax due of $2,838. Petitioner and Mr. Mellen
7Schedule B, Interest and Dividend Income, Part II, of the
1995 joint return listed Questar among the payors of gross
dividends and/or other distributions on stock.
8In arriving at Schedule D capital gain of $500,755, peti-
tioner and Mr. Mellen showed in Schedule D of their 1995 joint
return gains and losses from the sales of stock in the following:
“USPN”, “IRC”, “FONR”, “CWIDE”, “NHT”, “NAM”, and “SYBASE”.
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