Cynthia Emery Weight - Page 4

                                                - 4 -                                                   
                  During 1996, in addition to the distribution from the plan,                           
            withdrawals totaling $31,700 were made from retirement accounts                             
            held by petitioner or Ronald R. Weight.  It appears that these                              
            withdrawals were used in connection with the purchase of a house                            
            by petitioner and Mr. Weight.  Presumably, this house is the                                
            “principal residence” referred to in the form.                                              
                  Petitioner’s Federal income tax return (the separate return)                          
            was timely filed.  The separate return was prepared by a paid                               
            income tax return preparer.  On the separate return, petitioner                             
            listed her filing status as a head of household.  She claimed                               
            dependency exemption deductions for Aaron Weight and Sarah                                  
            Weight.  She elected to itemize deductions and claimed deductions                           
            for mortgage interest and real estate taxes in the amounts of                               
            $10,476 and $2,165, respectively.  Deductions claimed exceed                                
            income reported; consequently there is no section 1 income tax                              
            liability reported on the return.  Taking into account an earned                            
            income credit of $2,870 and withholdings, she claimed a refund of                           
            $3,767, which she apparently received in due course.                                        
                  The divorce decree, which was issued after the separate                               
            return had been filed, provides that petitioner and Mr. Weight                              
            “shall jointly file 1996 State and Federal tax returns” and that                            
            each “shall be responsible for one half of any liability owing on                           
            those joint returns”.  In this regard, petitioner and Mr. Weight                            
            filed an untimely joint Federal income tax return (the joint                                

Page:  Previous  1  2  3  4  5  6  7  8  9  Next

Last modified: May 25, 2011