- 10 -
had attended Georgetown on a disadvantaged student scholarship,
he decided to honor the school’s request. By letter dated
November 19, 1999, he informed Georgetown that he would make a
commitment of $25,000 to the endowment. An Endowed Fund
Agreement with Georgetown was executed in March 2000 wherein
petitioner agreed to pay $5,000 per year toward his commitment.
The first pledge payment was made in January 2000. Petitioner
agreed that this pledge would be a debt of his estate.
Petitioners filed a joint, self-prepared Federal income tax
return timely for 1999 (original return) on which they reported
the following income:
Salaries & wages $145,675.15
Taxable interest income 577.97
Unemployment compensation 5,594.00
Other income (Form 1099) 3,396.60
Total income $155,243.72
No income was reported on Line 16a of the return for pension and
annuity income. The return shows an income tax liability of
$34,538.64, Federal income taxes withheld of $35,524.89, and an
overpayment of $986.26, which was in due course refunded to
petitioners. The $35,524.89 in taxes withheld did not include
the taxes withheld in the SFB and Glenbrook annuity distributions
earlier described. Lines 50 through 56 of the tax return, Form
1040, is for “other taxes”; Line 53 is for “Tax on IRAs and other
retirement plans.” Petitioners did not report any amount on Line
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