- 12 -
The 1997 joint return did not report the $64,116.40 of
canceled debt that was shown on Form 1099-C that Credit Union
issued to Mr. Stoddard for 1997.
Petitioners’ Amended Tax Returns
Petitioners filed jointly Form 1040X, Amended U.S. Individ-
ual Income Tax Return (Form 1040X), for 1995 (1995 amended joint
return), 1996 (1996 amended joint return), and 1997 (1997 amended
joint return). Petitioners signed their 1995, 1996, and 1997
amended joint returns on March 13, 1998.
In their 1995 amended joint return, petitioners claimed
Schedule A deductions of $132,617, an increase of $87,812 in the
deductions that petitioners claimed in Schedule A of their 1995
joint return. In Form 1040X for 1995, part II, Explanation of
Changes to Income, Deductions, and Credits, petitioners indicated
that the change in the amount of the Schedule A deductions
claimed resulted from a “Net operating loss carryback from 1997”.
In their 1996 amended joint return, petitioners claimed
Schedule A deductions of $59,225, an increase of $30,045 in the
deductions that petitioners claimed in Schedule A of their 1996
joint return. In Form 1040X for 1996, part II, Explanation of
Changes to Income, Deductions, and Credits, petitioners indicated
that the change in the amount of the Schedule A deductions
claimed resulted from a “Net operating loss carryback from 1997
casualties & theft loss”.
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011