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received statements and Forms 1099 for 2000 pertaining to his
individual brokerage accounts; however, he did not receive any
statements or Forms 1099 for 2000 pertaining to the education
accounts. Petitioner started receiving the education account
statements in September 2001.5
In gathering the information for his 2000 Federal income tax
return, petitioner contacted both his financial adviser, Michael
Evereth (Mr. Evereth), and Mr. Evereth’s assistant at First
Albany to determine whether there were any Forms 1099 for the
education accounts because the mutual fund market in 2000
experienced unusual gains. Petitioner was told that they would
look into the matter and furnish him with the Forms 1099, if any.
Petitioner never received any Forms 1099 for 2000 from First
Albany pertaining to the education accounts.6
In addition to contacting First Albany directly, petitioner
contacted his former spouse on several occasions to obtain the
statements and any Forms 1099 for the education accounts.
4(...continued)
Albany mailed copies of the education account statements to the
wrong address.
5 In 2002, the Forms 1099 were sent to the trustees of the
Monte Educational Trust.
6 In August 2000, First Albany sold its private client
group to First Union Securities (First Union). Mr. Evereth also
joined First Union.
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Last modified: May 25, 2011