Phyllis J. Merendino - Page 16

                                       - 16 -                                         
          responsibility she has to care for and support her 40-year-old              
          schizophrenic son.                                                          
               Petitioner has not established that she will suffer economic           
          hardship if relief is not granted.  Respondent repeatedly                   
          requested copies of current income information and current                  
          financial information.  Petitioner failed to provide this                   
          information.  The record demonstrates that petitioner had income            
          in excess of $200,000 from stock sales for the years 1996, 1998,            
          1999, and 2000.  Petitioner contends that she sold the stocks in            
          1996 and 1999 to supplement her living expenses.  However,                  
          petitioner’s unfiled separate tax return reflects income prior to           
          her stock sales in excess of $242,000.  In addition, at the time            
          of her request for relief, petitioner owned the property that she           
          purchased in Florida for $450,000.  Petitioner also jointly owned           
          a house in Virginia and four rental properties in south Florida.            
          Further, the fact that petitioner did not provide any financial             
          information as requested supports a finding that respondent did             
          not abuse his discretion in concluding petitioner would not                 
          suffer economic hardship.  See Orum v. Commissioner, 123 T.C. 1,            
          13 (2004), affd. 412 F.3d 819 (7th Cir. 2005).  Thus, petitioner            
          has failed to satisfy each of the three factors under Rev. Proc.            
          2000-15, sec. 4.02, and therefore does not qualify for equitable            
          relief under that section.                                                  
               Where relief is not available under Rev. Proc. 2000-15, sec.           

Page:  Previous  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  Next

Last modified: May 25, 2011