- 2 - Respondent determined deficiencies in petitioners’ Federal income taxes of $2,411 and $2,512 for the taxable years 2000 and 2001, respectively. The issue for decision is whether the amounts of $17,067 and $16,0011 received by petitioner Gregg Gilbert as insurance renewal premiums during taxable years 2000 and 2001, respectively, are subject to self-employment taxes pursuant to sections 1401 and 1402. 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. Petitioners resided in Meadows of Dan, Virginia, on the date the petition was filed in this case. There is no disagreement among the parties as to the facts, which are almost fully stipulated. Petitioners are married and filed timely joint Federal income tax returns, Forms 1040, U.S. Individual Income Tax Return, for the taxable years 2000 and 2001. 1In the notice of deficiency, respondent determined that the amount of $17,775, which petitioner reported on his 2001 Federal income tax return as insurance renewal commissions, was self- employment income subject to self-employment tax. However, at trial respondent conceded that $1,774 of this amount was received by petitioner as Social Security benefits and as such the amount of $1,774 was not subject to self-employment tax.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
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