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the date of confirmation of the Plan, except any debts
excepted from discharge under � 523 of the Bankruptcy
Code, and except if the Debtors would be denied a
discharge under � 727(a) of a chapter 7 case; * * *
On May 18, 1995, the bankruptcy court issued its final
decree and closed the bankruptcy case.
Petitioner and Mrs. Wood resided in the Florida house until
January 1996, when the mortgage was foreclosed. They continued
to own the undeveloped land in Florida, the Brookdale timeshare,
and the Gulfstream timeshare throughout 1996.
On their 1994, 1995, and 1996 Forms 1040, U.S. Individual
Income Tax Return, petitioner and Mrs. Wood reported the
following:
1994 1995 1996
Income
Wages, salaries, tips, etc. -- -- $1,442
Taxable interest $408 $86 908
Business income or (loss)--Schedule C(107,644) (58,440) (334,232)
Capital gain or (loss)--Schedule D 76,771 -- --
Other gains or (losses)--Form 4797 -0- -- (20,581)
Pensions & annuities--taxable amount 21,372 21,965 22,544
Other income -- -- (36,389)
Total income (9,093) (36,389) (366,308)
Schedule A
Medical & dental 1,365 -- --
Taxes
Real estate taxes 24,389 11,610 --
Personal property taxes 35 -- --
Home mortgage interest 42,614 23,476 --
Total itemized deductions 68,403 35,086 --
Itemized deductions/Standard deduction68,403 35,086 6,700
Taxable income -0- -0- -0-
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