T.C. Memo. 2005-129
UNITED STATES TAX COURT
WILLIAM S. FAIREY, JR., AND SUSAN R. FAIREY, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 5680-03. Filed May 31, 2005.
William S. Fairey, Jr., and Susan R. Fairey, pro se.
Michael D. Zima, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
COLVIN, Judge: Respondent determined deficiencies in
petitioners’ Federal income tax and penalties as follows:
Penalties
Year Deficiency Sec. 6662 Sec. 6663
1999 $3,456 $691.20 --
2000 46,341 4,094.60 1$19,401
2001 3,566 713.15 --
1 Respondent determined that petitioner William S. Fairey, Jr., is
liable for the penalty for fraud with respect to part of the underpayment and
that both petitioners are liable for the negligence penalty with respect to
the remainder of the underpayment.
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