- 2 -
Respondent determined a deficiency of $918 and an addition
to tax of $100 pursuant to section 6651(a)(1) in petitioners’
Federal income tax for the taxable year 1997. Respondent also
determined a deficiency in petitioners’ Federal income tax for
1998 of $586.
Some of the facts in this case have been stipulated and are
so found. The stipulation of facts and the attached exhibits are
incorporated herein by this reference. At the time the petition
was filed, petitioners lived in Sierra Madre, California.
References to petitioner in the singular are to Frank Guarna.
In the notice of deficiency, respondent determined that
petitioners: (1) Failed to report interest income of $45 for the
1997 tax year; (2) are liable for self-employment tax of $318 for
the 1997 tax year; (3) are liable for an addition to tax of $100
pursuant to section 6651(a)(1) for failure to file their 1997 tax
return by the prescribed due date; (4) failed to report capital
gain income of $953 for the 1998 tax year; (5) failed to report
dividend income of $43 for the 1998 tax year; and (6) failed to
report a taxable State tax refund of $563 for the 1998 tax year.
In the stipulation of facts, petitioners conceded that the
State income tax refund of $563 is includable in income for the
1998 tax year. Respondent conceded in the stipulation of facts
that petitioners are entitled to a $2,000 deduction in the 1998
tax year for a contribution to an individual retirement account.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011