Alec Jeffrey Megibow - Page 2

                                        - 2 -                                         
                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               WHERRY, Judge:  Respondent determined the following                    
          deficiencies and penalties with respect to petitioner’s Federal             
          income taxes:                                                               
                                                            Penalty                   
                    Year           Deficiency          Sec. 6662, I.R.C.              
                    1997           $28,565                  $5,713.00                 
                    1998           43,789                   8,757.80                  
                    1999           15,216                   3,043.20                  
          The principal issues for decision are:                                      
               (1) Whether petitioner is entitled to business expense                 
          deductions claimed on Schedules C, Profit or Loss From Business,            
          for the taxable years 1997, 1998, and 1999; and                             
               (2) whether petitioner is liable for the section 6662                  
          accuracy-related penalty for the subject years.1                            
               In the notice of deficiency, respondent also disallowed in             
          full unreimbursed employee business expenses claimed by                     
          petitioner on Schedule A, Itemized Deductions, for 1999.  Neither           
          party specifically addressed this matter at trial or on brief.              
          Such items are typically deemed conceded.  See Rules 149(b),                
          151(e)(4) and (5); Levin v. Commissioner, 87 T.C. 698, 722-723              
          (1986), affd. 832 F.2d 403 (7th Cir. 1987).  To the extent that             
          anything in petitioner’s brief could be interpreted to pertain to           


               1 Unless otherwise indicated, section references are to the            
          Internal Revenue Code in effect for the years in issue, and Rule            
          references are to the Tax Court Rules of Practice and Procedure.            




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011