Rocke Richard LaBozetta - Page 4

                                        - 3 -                                         
          marital home, a sum approximating $73,000.  Since Ms. LaBozetta’s           
          annual household income precluded her from qualifying for a                 
          mortgage for the remaining postbuyout balance on the home, the              
          parties further agreed that the amount of buyout equity owed to             
          petitioner would be reduced by 20 percent of Ms. LaBozetta’s                
          share in petitioner’s pension, or $19,854.  The agreement also              
          provided that petitioner would owe Ms. LaBozetta $23,400 (with              
          the parties waiving an actual payment of that amount) to further            
          reduce the amount of equity owed to petitioner.  Petitioner                 
          contends that the $23,400 was actually paid as alimony to Ms.               
          LaBozetta, and accordingly, should be deductible.                           
               On August 9, 2002, Ms. LaBozetta drafted a check to                    
          petitioner for $29,746.1  Petitioner cashed the check on August             
          12, 2002, at Fleet Bank in Ridgefield Park, New Jersey.                     
               On April 15, 2003, petitioner timely filed a Form 1040, U.S.           
          Individual Income Tax Return, for 2003 on which he claimed a                
          deduction of $23,400 for alimony paid to Ms. LaBozetta.                     
          Respondent issued a notice of deficiency disallowing petitioner’s           
          deduction.                                                                  




          1 The $29,746 is computed as follows:                                       
               Petitioner’s equity in the marital home:          $73,000              
               Ex-wife’s share of petitioner’s pension           (19,854)             
               Petitioner’s waiver of buyout equity         (23,400)                  
               Balance to petitioner by check          29,746                         




Page:  Previous  1  2  3  4  5  6  7  8  9  10  Next

Last modified: May 25, 2011