- 10 - The examination of petitioner’s returns for the years in issue began in 1996.1 Petitioner failed to report interest income, rental income, dividend income, and capital gains on his original returns. On May 7, 1997, petitioner filed Forms 1040X, Amended U.S. Individual Income Tax Return, for 1993, 1994, and 1995. On the amended returns, petitioner reported additional income as follows: 1993 1994 1995 Interest income $869 $133 $449 Sch. E net income 199 2,137 677 Dividend income 777 2,377 2,844 Capital gain 1,547 1,518 22,898 Sch. C net income 1,715 --- --- Total $5,107 $6,165 $26,868 On each amended return, petitioner indicated that he had “inadvertently omitted” these items of income. On an application to open an investment account in 1993, petitioner indicated that his income for that year was between $30,000 and $49,999. On an application for a credit card that petitioner applied for in 1995 he indicated that his monthly gross income from Grand Video was $7,000. Revenue Agent Keinle (Agent Keinle) conducted the examination of petitioner’s returns. During the course of the examination, petitioner provided her with business and personal 1 The provisions of sec. 7491 are not applicable to this proceeding.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011