- 2 -
Respondent determined a deficiency in petitioners’ Federal
income tax of $743 for the taxable year 1998.
The sole issue for decision is whether petitioners received
unreported discharge of indebtedness income in taxable year 1998.
Respondent’s adjustment to the amount of Social Security benefits
includable in petitioners’ gross income is computational and will
be resolved by our holding on the issue in this case.
Some of the facts have been stipulated and are so found.
The stipulations of fact and the attached exhibits are
incorporated herein by this reference. Petitioners resided in
Philadelphia, Pennsylvania, on the date the petition was filed in
this case.
Petitioner husband (petitioner) applied for and received a
Discover credit card in 1986. At this time, petitioner resided
in Philadelphia and shared an address with his mother. In the
following year, petitioner moved to Camden, New Jersey.
Petitioner remained at this address until 1997 when he married
petitioner wife and returned to a different address in
Philadelphia. During 1999, petitioner’s mother changed her
mailing address from the address she had previously shared with
petitioner.
The records of the financial institution holding
petitioner’s credit card account indicate that as of April 8,
1998, the credit card balance was $3,103.91. The company’s
Page: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011