Norman John Haas III and Susan Renee Haas - Page 3

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               Respondent determined for 2001 a deficiency in petitioners’            
          Federal income tax of $3,015 and an accuracy-related penalty                
          under section 6662 of $603.                                                 
               Petitioners concede their deductions for:  (a) Medical                 
          expenses; (b) personal property taxes of $126; (c) a charitable             
          contribution of $5,000 worth of numismatic items, and $4,106 in             
          carryover contributions from a prior year; and (d) “asset                   
          protection expense”.  Respondent concedes that petitioners are              
          entitled to deductions for real estate taxes of $849 and a                  
          charitable gift of $5,000 worth of philatelic items.                        
              The issues for decision are:  (1) Whether petitioners are              
          entitled to itemized deductions for (a) additional charitable               
          gifts in cash and in kind, and (b) a casualty or theft loss of              
          $5,679, and (2) whether petitioners are liable for the accuracy-            
          related penalty under section 6662 due to negligence.                       
               The stipulated facts and exhibits received in evidence are             
          incorporated herein by reference.  At the time the petition was             
          filed, petitioners resided in Phoenix, Arizona.                             
               Petitioners were married in 1996 and “combined two adult               
          households into one small house.”  Norman John Haas III                     
          (petitioner), worked for Honeywell International, Inc., and Susan           
          Renee Haas was employed as a registered nurse during 2001.                  

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