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liability, without further notice
of any kind.
Petitioner’s 1998 Individual Income Tax Return
Petitioner received an extension to file his 1998 individual
income tax return (petitioner’s 1998 return) on or before October
15, 1999. On the morning of October 15, 1999, Mr. Coy received
via facsimile petitioner’s Schedule K-1, Shareholder’s Share of
Income, Credits, Deductions, etc., for Professional Acres Leasing
Group from the accounting firm of Osborne & Osborne. Upon
receipt of the Schedule K-1 on October 15, 1999, Mr. Coy
completed petitioner’s 1998 return. For 1998, petitioner was
entitled to a refund of $3,300.
At approximately 3:45 to 4 p.m. on October 15, 1999, Mr. Coy
left his office in Little Rock, Arkansas, en route by car to
three other cities in Arkansas in order to review State and
Federal income tax returns with four of his clients, including
petitioner, and to obtain his clients’ signatures on their
returns. First, Mr. Coy drove to Mount Pleasant, Arkansas, to
deliver the returns of Howard and Jane Lamb for review and
signatures. After the Lambs signed their tax returns, Mr. Coy
drove to Melbourne, Arkansas, to deliver the returns of David and
Theresa Sharp for review and signatures. After the Sharps signed
their tax returns, Mr. Coy delivered the returns of Fred Lamb,
also in Melbourne, Arkansas, for review and signature. After Mr.
Lamb signed his tax returns, Mr. Coy drove to Jonesboro,
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