- 4 - and unemployment compensation from the State of Arizona of $3,485. Tax Return and Notice of Deficiency Petitioner timely filed a Form 1040, U.S. Individual Income Tax Return, for 2001. A copy of the return was not made part of this record, but the parties did attach a copy of a RTVUE, which is a type of Internal Revenue Service electronic transcript reflecting relevant information from the 2001 return.2 Petitioner did not report, on the 2001 return, the $3,485 of unemployment compensation received from the State of Arizona. Petitioner also claimed an IRA deduction in the amount of $2,000. In an amended return, Form 1040X (stamped received by the IRS on April 29, 2004), petitioner attached a Schedule C wherein she reported gross receipts of zero and claimed expenses of $5,302. In the notice of deficiency, respondent determined that petitioner received unreported unemployment compensation income of $3,485. Respondent further disallowed the claimed IRA deduction.3 2 The Court notes that the RTVUE reflects wages of $17,808. The stipulation of facts reflects wages of $15,808. The record does not explain this discrepancy. The Court’s findings are premised on the stipulation of facts. 3 The Schedule C, Profit or Loss From Business, deduction of $5,302 was not claimed by petitioner until after the notice of deficiency was issued and after the petition was filed. Accordingly, the claimed deduction is considered by the Court as if properly raised by amendment to petition.Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011