- 2 -
be entered is not reviewable by any other court, and this opinion
should not be cited as authority.
Respondent determined a deficiency in petitioner’s Federal
income tax for the taxable year 2001 of $6,758 and an accuracy-
related penalty under section 6662(a) of $1,187.
The issues for decision are: (1) Whether petitioner
received taxable distributions from his tax-sheltered annuity
policies. We hold that he did. (2) Whether petitioner is liable
under section 6662(a) for an accuracy-related penalty. We hold
that he is.
Adjustments to petitioner’s itemized deductions and child
tax credit are purely computational matters, the resolution of
which is dependent on our disposition of the first disputed
issue.
Background2
Some of the facts have been stipulated, and they are so
found. We incorporate by reference the parties’ stipulation of
2 The evidence introduced at trial was incomprehensible.
Accordingly, we calendared this case for further trial so that
respondent could subpoena specific documentary evidence from
Americo Financial Life and Annuity Insurance Co. (Americo)
concerning the annuity policies at issue. At the subsequent
trial, respondent produced several documents that respondent
received pursuant to the subpoena. Although these documents were
necessary to develop a part of the documentary record, the
documents still failed to adequately describe the details of the
annuity policies and the transactions that occurred during the
life of the annuity policies. We thus are constrained to make
factual findings on the basis of a limited evidentiary record.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011