Gerald A. Bunker - Page 3

                                        - 2 -                                         
               Respondent determined a deficiency in petitioner’s Federal             
          income tax of $4,867 and an addition to tax of $195 under section           
          6651(a)(1) for the taxable year 2001.                                       
               After concessions, the issue remaining for decision is                 
          whether certain payments made by insurance companies, during the            
          year in issue, of indebtedness owing by petitioner on credit                
          cards constitute gross income in the amount of $15,8841 under               
          section 61(a).                                                              
                                     Background                                       
               Some of the facts have been stipulated and are so found.               
          The stipulation of facts, stipulation of settled issues, and the            
          attached exhibits are incorporated herein by this reference.  At            
          the time of filing his petition, petitioner resided in Schertz,             
          Texas.                                                                      
               Prior to 2001, petitioner was employed in a civilian                   
          position at Kelly Air Force Base (Kelly AFB) in San Antonio,                
          Texas.  While employed at Kelly AFB, petitioner availed himself             
          of the opportunity to purchase credit card insurance from                   
          American Security Insurance Company (American Security) and                 
          Capital One Bank (Capital One) that provided for the payment of             






          1Respondent conceded $596 of this amount, as explained                      
          later.                                                                      




Page:  Previous  1  2  3  4  5  6  7  8  9  Next

Last modified: May 25, 2011