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On May 7, 1998, Dean Witter issued a check to petitioner,
in care of her attorney, Mr. Mirabelli, for $25,211, which
represented the entire balance of the Dean Witter IRA. On
May 14, 1998, these funds were deposited in an escrow account in
the name of petitioner and, as petitioner’s agent, Mr. Mirabelli.
Intervenor did not directly receive any proceeds from the Dean
Witter IRA.
Over the years, petitioner and intervenor filed joint
Federal income tax returns during their marriage. Petitioner did
not participate in the preparation of their joint tax returns,
but she generally “glanced over” them at or about the time she
signed them.
In 1999, petitioner and intervenor signed a Tax
Indemnification Agreement in which, among other things, they
agreed to file joint 1998 Federal and State income tax returns.
The Tax Indemnification Agreement stated, in part, that neither
one of them: (1) Has “any knowledge as to the accuracy of the
information supplied by the other relative to the preparation of
said returns”, and (2) will hold the other responsible for any
additional taxes, interest, or penalties as a result of the
information each supplied with respect to their joint returns.
Taking into account an extension request submitted by
intervenor, the 1998 joint return was due on or before August 15,
1999. That return was completed by intervenor’s paid tax return
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Last modified: May 25, 2011