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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).
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