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Accuracy-Related Penalty
Year Deficiency Under Sec. 6662(a)
2001 $3,301 $660.20
2002 $3,727 $745.40
2003 $2,137 $427.40
2004 $1,600 $320.00
The issues remaining for decision are:
(1) Are petitioners entitled to deduct for each of their
taxable years 2002 through 2004 certain claimed unreimbursed
employee expenses? We hold that they are not.
(2) Are petitioners entitled for each of their taxable years
2001 through 2004 to a net loss shown in Schedule C, Profit or
Loss From Business, with respect to a claimed arts and crafts
business? We hold that they are not.
(3) Are petitioners entitled to deduct for their taxable
year 2003 certain claimed student loan interest? We hold that
they are not.
(4) Are petitioners liable for each of their taxable years
2001 through 2004 for the accuracy-related penalty under section
6662(a)? We hold that they are.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
At the time petitioners filed the petition in this case,
they resided in Valley Stream, New York.
During the years at issue, petitioner Benjamin O. Agbaniyaka
(Mr. Agbaniyaka), who holds a master’s degree in accounting with
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Last modified: November 10, 2007