- 2 - respondent raised the issue of whether petitioner should be required to pay a penalty pursuant to section 6673 for instituting and/or maintaining this proceeding, and if so, the amount thereof.1 FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the exhibits submitted therewith are incorporated herein by this reference. At the time the petition was filed in this case, petitioner resided in Ormond Beach, Florida. He is a real estate broker. Petitioner submitted to the Internal Revenue Service (the IRS) a document purporting to be his income tax return for 1997, with zeros reported for amounts on all lines. The IRS did not process that document. Rather, the IRS prepared a substitute 1997 return for petitioner on which $65,419 was reflected as commission income.2 That amount was determined in part from a third-party information return ($46,369) and in part from an analysis of petitioner’s bank deposits ($19,050). The substitute 1997 return also reflected $463 of interest income. 1All section references are to the Internal Revenue Code. 2In deciding this case, it is not necessary for us to decide whether the substitute return meets the requirements of sec. 6020(b). See, e.g., Swanson v. Commissioner, 121 T.C. 111, 112 n.1 (2003).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011