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Because of the frequency of his travels during employment,
petitioner leased a Cadillac Escalade (SUV) on September 30,
2000, for $654.94 a month for 36 months. Between September 30,
2000, and March 30, 2001, petitioner paid $580.30 for insurance
on the SUV. While unemployed from March 31 through August 2001,
petitioner continued to make lease payments on the SUV, and,
between March 30 and September 30, 2001, petitioner paid $611.75
for insurance on the SUV.
On or about August 2, 2001, petitioner requested a
distribution of $3,000 from his IRA funds with the Oppenheimer
Trust Co. (Oppenheimer). On or about November 30, 2001,
petitioner requested an additional distribution of $1,000.
Oppenheimer issued Forms 1099-R, Distributions From Pensions,
Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance
Contracts, etc., to petitioner showing distributions in 2001
totaling $4,000. Petitioner was 47 years old at the time of the
distributions.
Petitioner purchased a house in Alexandria, Virginia, in
1999 and refinanced it in 2001.
Petitioner received interest of $17 from the Virginia
Department of Taxation in 2001.
Petitioner electronically filed a Form 1040, U.S. Individual
Income Tax Return, for 2001 reporting his status as married
filing separately. On Schedule C, Profit or Loss From Business,
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Last modified: May 25, 2011