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Respondent determined a deficiency in petitioner’s Federal
income tax of $1,601 for the taxable year 2001.1
After concessions,2 the issue for decision is whether
petitioner must include in his gross income gambling winnings of
$44,833 for taxable year 2001.3 The amount of petitioner’s
Social Security benefits received during taxable year 2001 that
must be included in his 2001 gross income is a computational
matter and will be resolved by our decision on the unreported
gambling income issue.
Background
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. Petitioner resided in
Flat Rock, North Carolina, on the date the petition was filed in
this case.
1At trial, respondent conceded that the amount of the
deficiency for taxable year 2001 set forth in the notice of
deficiency was not correct. Instead, respondent claims that the
correct deficiency is $1,046.
2At trial, respondent conceded that petitioner was entitled
to Schedule A deductions for taxable year 2001 of $44,833 and
$500 for gambling losses and charitable contributions,
respectively.
3If the $44,833 gambling winnings are included in
petitioner’s gross income, he must also include Social Security
benefits received of $8,690 in his gross income for taxable year
2001 pursuant to sec. 86.
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Last modified: May 25, 2011