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Petitioner discovered that the bank accounts were either closed
or had minimal balances.
Petitioner and Ms. Trevino separated on September 20, 1997,
and Ms. Trevino filed a Petition for Dissolution of Marriage in
the Superior Court of the State of California, for the County of
Los Angeles. On August 23, 1999, a Judgment for Dissolution was
entered in the marriage dissolution proceeding. On July 11,
2000, a Stipulated Further Judgment of Dissolution of Marriage
was filed in the Superior Court with respect to the division of
property. Petitioner was required by court order to pay spousal
and child support to Ms. Trevino. By agreement between them,
Ms. Trevino has been reimbursing petitioner for child support at
the rate of $1,000 per month.
Petitioner’s Federal Returns
In April 1997, petitioner and Ms. Trevino filed a joint Form
1040, U.S. Individual Income Tax Return, for 1996 reporting
adjusted gross income of $762,751 and taxable income of $573,117.
The return showed tax due of $228,143, with estimated tax
payments of $153,500, and remaining tax due of $74,643.
Ms. Trevino told petitioner that the return was prepared by a
certified public accountant. The Form 1040 and the attached
schedules filed for 1996 were published by the IRS and intended
for use for the 1995 tax year. The return reported that two of
their children lived with petitioner and Ms. Trevino for “42" and
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