- 12 - Petitioner admitted that she “didn’t know anything about antique and estate jewelry as to value before [she] started the business.” During taxable year 1999, petitioner purchased a considerable number of books and periodicals to assist her in learning the business of selling and repairing antique and estate jewelry. Additional Tax--Section 72(t) During taxable year 1999, petitioner received a taxable distribution from her 401(k) plan held by Putnam Investments of $10,412. Petitioner was “nearing [her] 40th birthday” in 1999. Audit Examination Petitioner timely filed a Form 1040 for taxable year 1999. Petitioner attached to her Form 1040 for taxable year 1999 a “Special Handling” cover letter requesting a review of her return. Respondent mailed petitioner a letter dated June 9, 2000, thanking her for her inquiry and stating that the IRS had not “resolved the matter.” Petitioner received a letter dated September 14, 2001, advising her that based upon review of third party records, respondent proposed changes to her Form 1040 for taxable year 1999. Petitioner never entered into a closing agreement with the IRS with respect to taxable year 1999. Petitioner never received a letter stating that the IRS had accepted her 1999 tax return, nor had she received a letter stating that her 1999 tax return had been audited as requested.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011