4
services in connection with the 1995 sale of the Chevron gas
station business.
In 1995, the buyers made payments to petitioner on the
$65,000 loan totaling $7,253. Of that amount, $4,054 was
interest and $3,199 was principal. Also in 1995, petitioner
leased the land and building to the buyers.
C. Petitioner’s Other Income in 1995
In 1995, petitioner received taxable pension income of
$11,061 and taxable interest income of $42 in addition to the
interest from the installment sale of the Chevron gas station
business.
D. Petitioner’s Returns
Alberto S. Nunez (Nunez) prepared and signed (as preparer)
petitioner and petitioner’s spouse’s joint 1994 return on August
6, 1996. Petitioner and his spouse also signed that return on
August 6, 1996. They claimed no deduction for depreciation
related to the Chevron gas station business on their 1994 return.
Petitioner applied for and received an automatic 4-month
extension to file his 1995 return. Nunez prepared a joint 1995
return for petitioner and his spouse. Nunez signed the 1995
return on August 14, 1996. Petitioner paid Nunez $1,375 to
prepare that return. Petitioner and his spouse did not report
the sale of the Chevron gas station business on their 1995
return. Petitioner and his spouse reported $615 of tax due on
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011