Edward T. O'Toole - Page 11

                                       - 11 -                                         
          burden of proving that the $20,169 deposit was not taxable                  
          income.  Petitioner testified that the $20,169 deposit was a                
          nontaxable transfer from another account.  Petitioner’s testimony           
          was vague, and he offered no other evidence about the $20,169               
          bank deposit.  We are not convinced that the deposit was not                
          income.  We conclude that the $20,169 deposit was taxable income,           
          and that petitioner had unreported income of $17,430 in 1993,               
          $18,252 in 1994, $32,014 in 1995, $44,866 in 1996, and $24,650 in           
          C.   Whether Petitioner Is Liable for the Addition to Tax for               
               Failure To File Returns                                                
               A taxpayer is liable for an addition to tax of up to 25                
          percent for failure to file a Federal income tax return unless              
          the failure was due to reasonable cause and not willful neglect.            
          Sec. 6651(a)(1).                                                            
               Respondent determined that petitioner is liable for the                
          addition to tax under section 6651(a)(1) for failure to file                
          returns for the years in issue.  Petitioner contends that he is             
          not liable because he had reasonable cause for not filing                   
          returns.  Petitioner points out that the names on some of the               
          Forms 1999, 1098, Mortgage and Interest Statement, and W-2 on               
          which his Social Security number appears include Otoole, O Toole,           

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011