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Mr. Capehart’s for him, and both petitioner and Mr. Capehart
signed the form.5
Both petitioner and Mr. Capehart contacted the Hoyt
organization on several occasions to inquire about their
contributions to the Hoyt partnerships, and Mr. Capehart often
asked petitioner to make phone calls about specific issues
relating to their investment. As they received more letters from
the IRS about the partnerships, petitioner began making more
phone calls to the Hoyt organization.
Tax Returns
Petitioner and Mr. Capehart filed joint Federal income tax
returns for 1980 through 1986. On July 31, 1984, petitioner and
Mr. Capehart filed Form 1045, Application for Tentative Refund,
on which they carried back an investment credit from SGE to 1980,
1981, and 1982. As a result, petitioner and Mr. Capehart
reported no income tax liability for 1980 and 1981, reported an
income tax liability of only $384 for the taxable year 1982, and
claimed cumulative income tax overpayments for 1980, 1981, and
1982 of $12,315.
On their Federal income tax returns for 1983 through 1986,
petitioner and Mr. Capehart reported the following:
5Ultimately, petitioner forgot to submit Mr. Capehart’s form
to the Hoyt organization.
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