Russell Whiting Packer - Page 11

                                       - 10 -                                         
         any particular case, and the Commissioner will consider and weigh            
         all relevant factors regardless of whether or not the factor is              
         listed in Rev. Proc. 2003-61, sec. 4.03.                                     
              Rev. Proc. 2003-61, sec. 4.03(2)(a), provides the following             
         factors that may be relevant to whether the Commissioner will                
         grant equitable relief:  (1) Marital status, (2) economic                    
         hardship, (3) knowledge or reason to know of the item giving rise            
         to the deficiency, (4) the nonrequesting spouse’s legal                      
         obligation, (5) significant benefit, (6) compliance with income              
         tax laws, (7) abuse, and (8) mental or physical health.                      
              1.   Marital Status                                                     
              On July 27, 2000, the Superior Court of Arizona entered a               
         Decree of Dissolution finalizing the divorce between petitioner              
         and Ms. Valentine.  This factor weighs in favor of granting                  
              2.   Economic Hardship                                                  
              Economic hardship applies if satisfaction of the tax                    
         liability in whole or in part “will cause an individual taxpayer             
         to be unable to pay his or her reasonable basic living expenses.             
         The determination of a reasonable amount for basic living                    
         expenses will be made by the director and will vary according to             
         the unique circumstances of the individual taxpayer.”  Rev. Proc.            
         2003-61, sec. 4.03(2)(a)(ii); sec. 301.6343-1(b)(4)(i),                      

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  Next

Last modified: May 25, 2011