Susan G. Kilburg - Page 4

                                        - 3 -                                         
               On April 14, 1997, petitioner filed a Form 1040X, Amended              
          U.S. Individual Income Tax Return, for 1996 (amendment No. 1)               
          with an attached revised Form 1040 for 1996 conforming to                   
          amendment No. 1.  On line 1, column A, of amendment No. 1, the              
          space for reporting adjusted gross income as originally reported,           
          petitioner listed negative $52,690 rather than the negative                 
          $68,713 adjusted gross income reported on the original return.              
          Petitioner reported a net change in adjusted gross income of a              
          negative $97,442 for a total adjusted gross income of negative              
          $150,132.  The attached revised Form 1040 also shows total and              
          adjusted gross income of negative $150,132.                                 
               Another amended return for 1996 for petitioner was filed on            
          January 22, 1999, making an additional small change.  The parties           
          agree that petitioner had a net operating loss (NOL) for 1996 of            
               When petitioner filed her Federal income tax return for                
          1998, she reported wages of $94,602.17, a current business loss             
          of $7,098.56, and a loss of $118,960.00 as "other income".                  
               Upon examination of petitioner's return for 1998, respondent           
          determined that she had not relinquished the 3-year carryback               
          period for the loss reported on her return for 1996.  Initially             
          unable to find evidence of her having filed a Federal tax return            
          for 1993, respondent determined that petitioner's loss for 1996             
          should be carried back to 1994 and 1995.  Respondent's                      

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

Last modified: May 25, 2011