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1996 (Ms. Thompson’s 1996 return). In Ms. Thompson’s 1994
return, Ms. Thompson reported $7,000 of wage income from
Weavewood, $114 of taxable interest income which, in a statement
with respect to such interest income that she attached to that
return,7 she indicated was from “Polaris Aircraft Investment
Program”, and $22,741 of Social Security benefits, of which $195
was reported as taxable. In Schedule E, Supplemental Income and
Loss (Schedule E), included as part of Ms. Thompson’s 1994 return
(Ms. Thompson’s 1994 Schedule E), Ms. Thompson reported $10,560
in rents received from “An undivided 1/2% interest in four used
aircraft Pittsburg [sic], PA”,8 $655 in expenses, and $9,905 in
total rental real estate income.
In Ms. Thompson’s 1995 return, Ms. Thompson reported $5,500
of wage income from Weavewood, $178 of taxable interest income,
and $350 of taxable refunds, credits, or offsets of State and
local income taxes. In Schedule B included as part of Ms.
Thompson’s 1995 return, Ms. Thompson indicated that the $178 of
taxable interest income that she reported was from “POLARIS”.
7Ms. Thompson did not include Schedule B, Interest and
Dividend Income (Schedule B), as part of Ms. Thompson’s 1994
return.
8Although not altogether clear from the record, it appears
that the $10,560 in rents received from “An undivided 1/2%
interest in four used aircraft Pittsburg [sic], PA” reported in
Ms. Thompson’s 1994 Schedule E related to checks that were
payable to Mr. Thompson and that Polaris issued in 1994 with
respect to Mr. Thompson’s investment.
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