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Respondent determined a deficiency in petitioner’s 2000
Federal income tax and additions to tax as follows:
Additions to Tax
Deficiency Sec. 6651(a)(1) Sec. 6651(a)(2) Sec. 6654(a)
$16,600 $3,735 $2,739 $892
After concessions,1 the issues for decision are: (1) Whether a
distribution of $20,102 petitioner received from the California
Field Ironworkers Trust Funds (CFITF) is includable in gross
income; (2) whether petitioner is entitled to a dependency
exemption deduction for Lupe Chitwood; (3) whether a distribution
petitioner received of $8,000 from Jackson National Life Ins. Co.
(Jackson) is includable in gross income, and (4) whether
petitioner is liable for an addition to tax under section
6651(a)(1) of $3,735.
Background
Some of the facts have been stipulated, and they are so
found. The stipulation of facts and the attached exhibits are
1 With respect to adjustments for the taxable year 2000,
petitioner concedes that: (1) He is taxable on Social Security
benefits received to the extent of $12,755, and (2) that he
received $37,050 in gambling winnings. Respondent concedes the
following: (1) Petitioner is entitled to deduct gambling losses
against gambling winnings of $37,050; (2) petitioner is entitled
to a deduction of $2,150 for mortgage interest; (3) petitioner is
entitled to a deduction of $1,648 for property tax paid; and (4)
petitioner is not liable for additions to tax under secs.
6651(a)(2) and 6654(a).
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Last modified: May 25, 2011