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license inhibited her ability to enter into real estate
transactions. During 2002, petitioner did not earn any income
for her services as a real estate consultant and finder. In an
effort to expand her business, petitioner obtained a
salesperson’s license during 2003 to enhance her ability to act
on her clients’ behalf.
Petitioners were granted an extension of time to August 15,
2003, to file their Federal income tax return for 2002; however,
their joint return for that year was filed on September 16, 2003.
Petitioners contend that their return preparer submitted a Form
2688, Application for Additional Extension of Time To File U.S.
Individual Income Tax Return, requesting an extension of time to
October 15, 2003, for the filing of their 2002 income tax return.
Respondent has no record that such a request was made. According
to respondent’s Form 4340, Certificate of Assessments, Payments,
and Other Specified Matters, for 2002, a late filing penalty was
imposed on September 21, 2003. However, respondent’s records,
the Form 4340, reflect that the penalty was abated on October 20,
2003.
On petitioners’ 2002 joint income tax return, they reported
adjusted gross income of $357,729 and total tax due of $94,659.
Petitioners included with their 2002 joint income tax return a
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