- 4 -
($622 interest determination), (3) $16 of income from the sale of
certain stock of a company described as “TRAVELERS PROP” ($16
Travelers Prop. determination), and (4) $8 of interest income
from Washington Savings Bank ($8 WSB interest determination).3
Respondent indicated in the 2002 notice that, in making the
determinations in that notice to include such amounts in peti-
tioners’ gross income, respondent used the information set forth
in certain information returns that respondent required the
payers of such amounts to provide to respondent and the taxpayer-
payees. In the 2002 notice, respondent (1) summarized the
information in each such information return pertaining to peti-
tioner Tae M. Kim (Mr. Kim) or to Ms. Kim and (2) included the
address of each payer and the account number for Mr. Kim or Ms.
Kim shown by each payer in each such return.
In making the $21,267 gross proceeds determination in the
2002 notice, respondent relied on four Forms 1099-B, Proceeds
From Broker and Barter Exchange Transactions (Form 1099-B),4 that
EquiServe Inc. (EquiServe) provided, inter alia, to respondent
(EquiServe Forms 1099-B) with respect to Ms. Kim and that showed
3Petitioners reported $521.61 of interest income from
Washington Savings Bank in Schedule B-Interest and Ordinary
Dividends included as part of petitioners’ 2002 return.
4The Court takes judicial notice that respondent requires
certain payers to use Form 1099-B in order to report, inter alia,
“Gross proceeds” or “Gross proceeds less commissions and option
premiums” from broker transactions.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: November 10, 2007