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(5) whether petitioner is entitled to punitive damages.
Although petitioner requested an evidentiary hearing, the
Court concludes that such a hearing is not necessary for the
proper disposition of petitioner’s motion. See Rule 232(a)(2).
We therefore decide the matter before us on the basis of the
record that has been developed to date.
Petitioner resided in North Woodmere, New York, at the time
that his petition was filed with the Court.
Background
Petitioner is an accountant and the sole shareholder of John
J. Petito CPA, P.C. (Petito Corp.). Petitioner prepared and
submitted to the Internal Revenue Service (IRS) a Form 1120S,
U.S. Income Tax Return for an S Corporation, for Petito Corp. for
the taxable year 1992. On the Form 1120S, Petito Corp. reported
gross receipts or sales of $158,350, cost of goods sold of
$75,903, and deductions of $84,191, leaving a net loss of $1,744.
Petito Corp. issued a Schedule K-1, Shareholder’s Share of
Income, Credits, Deductions, etc., to petitioner for 1992
allocating to him an ordinary loss of $1,744.
Petitioner prepared and filed with the IRS a Form 1040, U.S.
Individual Income Tax Return, for himself for the taxable year
1992. On the Form 1040, petitioner listed his filing status as
married filing separately, and he reported adjusted gross income
of $5,282, comprising wages, salaries, and tips of zero, taxable
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