- 2 - 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).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011