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income of $74 and $11, respectively. Fiserv Securities issued a
Form 1099-DIV, Dividends and Distributions, reporting $570 of
capital gain dividends and $58 of ordinary dividends.
2. Petitioner's Deductions
Respondent received a Form 1098, Mortgage Interest
Statement, issued by Market Street Mortgage for 2000 reporting
that petitioner paid $11,006 in mortgage interest. Respondent
allowed petitioner a mortgage interest deduction for this higher
amount. Respondent also allowed petitioner's reported deduction
for real estate taxes. Petitioner's remaining deductions were
disallowed due to lack of substantiation.
3. Accuracy-Related Penalty
Respondent determined that petitioner is liable for an
accuracy-related penalty under section 6662(a) for 2000.
B. Petitioner's 2001 Tax Return
For 2001, petitioner again retained the same preparer. On
her Form 1040, she reported $56,621 in wages and $2,024 of income
from capital gains. Petitioner also reported $8,386 of Federal
tax withheld. She reported no other income for 2001.
Petitioner did not review the return before signing and mailing
it.
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Last modified: May 25, 2011