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Dial Corporation. In a letter addressed to this Court on June
19, 2003, and incorporated in the stipulation of facts,
petitioner described his typical day in the following manner:
• Although I have a full-time job, I work an off-shift
which allows me time to manage the apartment
buildings on a daily basis.
• My typical schedule is: 8:00am - 3:00 pm apartment
management; 4:00 pm - 12:00 midnight full-time
employee at Dial Corporation; 1:00am - 8:00am sleep.
My weekends are also heavily dedicated toward
apartment management.
* * * * * * *
Yes, this is a lot of work, but my job provides health
insurance and other benefits for my family. I would
not have this safety net without my full-time job at
Dial Corporation.
In connection with the rental properties, petitioners
reported rental real estate losses for 2001 on a Schedule E,
Supplemental Income and Loss, as follows:
Property Rents received Total expenses Losses
North Luna $15,600 $22,479 ($6,879)
2109 Maywood 2,150 10,729 (8,579)
2112 Maywood 29,814 32,840 (3,026)
Total $47,564 ($66,048) ($18,484)
By notice of deficiency dated March 21, 2003, respondent
determined that petitioners’ rental real estate losses were
passive activity losses within the meaning of section 469 and
disallowed $12,248 of the $18,484 in rental real estate losses
claimed by petitioners. As a result of this adjustment,
respondent determined a deficiency in petitioners’ 2001 tax of
$3,472.
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Last modified: May 25, 2011