- 4 -
Consistent with petitioner’s request, the excess credits for
the 1994 taxable year--$11,186.78--were carried over and applied
to the 1995 taxable year. However, the Federal income tax return
for the 1995 taxable year was not filed until August 14, 2001, at
which time petitioner had a reported tax liability of $29,065.18
and total credits (including the carried-over amount) of
$41,814.78 for that taxable year.
A portion of the excess credits for the 1995 taxable year–-
$9,377.604--was carried over and applied to the 1996 taxable
year, the Federal income tax return for which was not filed until
either August 2001 (according to petitioner) or March 26, 2002
(according to respondent). For the 1996 taxable year, petitioner
had a reported tax liability of $33,210 and total credits of
$37,632.
Respondent did not apply the excess credits–-$4,422–-from
the 1996 taxable year to the 1997 taxable year. Petitioner did
not file his Federal income tax return for the 1997 taxable year
until October 3, 2001, when he had credits of $28,743 that were
insufficient to cover the reported tax liability of $34,456.
4 According to respondent, the remaining excess credits–-
$3,372–-were erroneously applied to the 1998 taxable year.
Respondent contends that he is not seeking recovery of this
erroneous application.
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