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On or about May 17, 2002, the United States Department of
the Treasury (U.S. Treasury) issued a refund check for $1,585.99
with respect to petitioners’ taxable year 1997, consisting of
$1,203 of tax and $382.99 of interest.
On or about May 30, 2002, the U.S. Treasury issued a refund
check for $1,101.39 with respect to petitioners’ taxable year
1998, consisting of $862 of tax and $239.39 of interest.
Fannie Mae issued to Ms. Kim Form W-2, Wage and Tax State-
ment (Fannie Mae Form W-2), for her taxable year 2002. That form
showed total wages, tips, and other compensation of $95,323.62.
Such total wages, tips, and other compensation included $4,234.94
that was shown as “ESPP” in Box 14 of the Fannie Mae Form W-2.
Fannie Mae also gave Ms. Kim a document entitled “2002 Gross Wage
Analysis” (Fannie Mae wage analysis). That document showed,
inter alia, $95,323.62 as “2002 W2 WAGES”. Such wages included
$4,234.94 that was shown as “ESPP-CEP” and “NON-PAYROLL EARNINGS”
in the Fannie Mae wage analysis.
Petitioners timely filed Form 1040, U.S. Individual Income
Tax Return, for their taxable year 2002 (petitioners’ 2002 re-
turn). In petitioners’ 2002 return, petitioners showed, inter
alia, on page one “Wages, salaries, tips, etc.” of $95,323.62 on
line 7 and “Taxable interest” of $565.43 on line 8a and claimed a
net capital loss of $3,000 on line 13. The $95,323.62 of “Wages,
salaries, tips, etc.” included the $4,234.94 that was shown as
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Last modified: May 25, 2011