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In May of 2001, decedent filed for bankruptcy. Decedent
listed in his bankruptcy filing total assets of $127,600 and
debts in excess of $200,000. Also, in decedent’s bankruptcy
filing it is indicated that during 2000 and 2001 decedent
purchased a $15,000 motorcycle, a $26,000 GMC Savana, a $51,000
GMC Sierra, and a $55,000 GMC Denali. Further, in decedent’s
bankruptcy filing, it is indicated that as of May of 2001
decedent owed a total of only $70,000 to the Nevada casinos at
which he gambled.
Six months later, in September or October of 2001,
decedent’s bankruptcy case was closed. The record does not
reflect the resolution of decedent’s bankruptcy proceeding.
On decedent’s 2000 Federal income tax return that was filed
with respondent, decedent’s $2,580,200 in total jackpot winnings
was reported as “Other Income”, and an offsetting miscellaneous
itemized deduction in the amount of $2,580,200 was claimed on
Schedule A, Itemized Deductions, as “gambling losses”.
On decedent’s 2000 Federal income tax return, no gambling
winnings were reported other than the above $2,580,200 in jackpot
winnings reflected on the Forms W-2G that were mailed to
respondent by the Nevada casinos.
Also reported as income on decedent’s 2000 Federal income
tax return were total wages of $25,300, and interest income of
$182.
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Last modified: May 25, 2011