James G. and Anita M. Forret - Page 3

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          section references are to the Internal Revenue Code in effect for           
          the years in issue, and all Rule references are to the Tax Court            
          Rules of Practice and Procedure.                                            
               Respondent determined deficiencies in petitioners’ Federal             
          income taxes for the years 2003 and 2004 in the amounts of $2,925           
          and $3,246, respectively.  The issue for decision is whether                
          petitioners can deduct amounts deposited to a qualified simple              
          retirement account during the taxable years at issue.  The                  
          adjustments in the notice of deficiency to itemized deductions,             
          personal exemptions, and alternative minimum tax are                        
          computational and will be resolved by the Court’s holding in this           
               This case was submitted fully stipulated pursuant to Rule              
          122.  The stipulation of facts and the attached exhibits are                
          incorporated herein by this reference.  At the time the petition            
          was filed, petitioners resided in New Berlin, Wisconsin.  Unless            
          otherwise indicated, all references to petitioner are to James              
               During the years at issue, petitioner was an employee of               
          Total Lighting Sales, Inc.  Total Lighting Sales, Inc.                      
          established a qualified simple retirement account under section             
          408(p), commonly referred to as a SIMPLE IRA.  Petitioner                   
          deposited $9,000 and $10,500 to the SIMPLE IRA in 2003 and 2004,            

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