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B. Petitioner’s Income Tax Return for 2001
On May 20, 2002, petitioner timely filed a Form 1040 for the
taxable year 2001. Petitioner attached, inter alia, to the
return a Schedule C on which he reported net profit from his
business of $39,313. On the return, petitioner reported AGI of
$37,486, taxable income of $24,986, self-employment tax of
$5,555, and total tax of $8,398. He also claimed a child tax
credit of $1,200. He then reported an amount owed of $8,730,
which included an estimated tax penalty of $332. Petitioner did
not remit payment with the return, and he did not make any
estimated tax payments for 2001.
On the basis of petitioner’s return, respondent assessed the
tax shown on the return plus statutory interest, an addition to
tax for failure to timely pay under section 6651(a)(2), and an
addition to tax for failure to pay estimated tax under section
6654(a).
On December 13, 2002, petitioner filed an amended return for
the taxable year 2001. On the amended return, petitioner
reported AGI of $29,580, taxable income of $16,330, self-
employment tax of $4,353, total tax of $5,302, and an estimated
tax penalty of $188. He also claimed child tax credits of $1,500
and an EIC of $557. He did not remit payment with the amended
return.
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