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1980
The Thompsons received an extension of time to file their
1980 tax return until June 15, 1981. On that return (received by
the IRS on June 19, 1981), the Thompsons reported Kersting
deductions of $72,840.
1981
The Thompsons late filed their 1981 tax return on July 19,
1982, reporting Kersting deductions of $80,782 as investment
interest expense. The Kersting deductions claimed on that return
were the principal factor in reducing the Thompsons’ adjusted
gross income of $113,711 to taxable income of $18,685--a
reduction of $95,026. The Thompsons also reported $8,000 of home
mortgage interest expense that was probably attributable to the
Bauspar program, in which the Thompsons began participating in
April 1981.
3. Years Following Those Before the Court
1982
The Thompsons filed their 1982 tax return on May 6, 1983.10
On that return, the Thompsons reported Kersting (and probably
Bauspar) deductions sufficient to reduce their adjusted gross
income of $99,364 to taxable income of $4,336--a reduction of
10By October 1982, Mr. Thompson had retired as a pilot with
Continental Airlines.
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