- 2 - For each year in issue, the issues for decision are: (1) Whether petitioners are entitled to deductions claimed on a Schedule C, Profit or Loss From Business; and (2) whether petitioners are liable for an accuracy-related penalty under section 6662(a). Background Some of the facts have been stipulated and are so found. At the time the petition was filed, petitioners resided in Austin, Texas. References to petitioner are to Bill Malone. Petitioners were married in 1983. They have eight children: H, R, N, B, Dn, M, Db, and J2 (collectively, the Malone children). Petitioner is and was at all relevant times a practicing attorney, with offices in Austin, Texas. During the years in issue, he devoted an average of 35 hours per week to his law practice and, in addition, was employed as a law professor at Oak Brook College of Law. Sarah Malone has a degree in education. In the stipulation of facts she is described as a “homemaker”. During the years in issue she “home schooled” the Malone children. Petitioners and their children are musically inclined and, as amply demonstrated by the record, are quite talented in that 2 Full names of petitioners’ minor children are omitted in the interest of privacy.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011