- 6 -
Petitioner reported those items on the Nov. 10 return, and,
in addition, (1) on the attached Schedule C, Profit or Loss From
Business, he reported $7,848 of gross income from a business
described as “consulting”, (2) on the attached Schedule D,
Capital Gains and Losses, he reported $4,939 of proceeds from
sales of capital assets, and (3) on the attached Schedule E,
Supplemental Income and Loss, he reported rents and royalties
totaling $43,653.
The Hudson Withdrawal
On March 1, 2000, petitioner withdrew $29,996 from Hudson
United Bank (the Hudson withdrawal). The statement evidencing
the Hudson withdrawal is entitled “IRA WITHDRAWAL STATEMENT”,
identifies an IRA account in petitioner’s name, and describes the
account as a “Traditional IRA”. During March and April 2000,
petitioner deposited $29,996 into a Dreyfus Trust Co. account in
his name, described on a transcript of that account as an account
“UNDER IRA PLAN”.
Schedule A Items
Petitioner did not claim a standard deduction on the Nov. 10
return, but, rather, he deducted the sum of the amounts that he
had itemized on a Schedule A, Itemized Deductions, thereto. On
the Schedule A, petitioner itemized amounts for medical and
dental expenses, State and local income taxes, real estate taxes,
personal property taxes, investment interest, cash charitable
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011