- 5 -
“ESPP” in Box 14 of the Fannie Mae Form W-2.
In Schedule B—Interest and Ordinary Dividends (2002 Schedule
B) included as part of petitioners’ 2002 return, petitioners
showed, inter alia, the following interest income:
Name of Payer Amount
Washington Savings Bank $521.61
BB&T 21.30
Chevy Chase Bank 14.52
In the 2002 Schedule B, petitioners incorrectly showed the total
of such interest income as $565.43. The correct total is
$557.43. The total interest income of $565.43 shown in the 2002
Schedule B is the amount that petitioners reported as “Taxable
interest” on page one, line 8a, of petitioners’ 2002 return.
In Schedule D, Capital Gains and Losses (2002 Schedule D),
included as part of petitioners’ 2002 return, petitioners claimed
a long-term capital loss and a net long-term capital loss of
$3,117.40 from the sale during 2002 of 300 shares of “TWA”.2 As
prescribed by section 1211(b), petitioners claimed as a deduction
in petitioners’ 2002 return only $3,000 of such net capital loss.
Respondent issued to petitioners a notice of deficiency
(notice) for their taxable year 2002. In that notice, respondent
determined, inter alia, to include in petitioners’ gross income
$622 of interest income from the U.S. Treasury, $16 of income
2Petitioners claimed no capital gains in their 2002 Schedule
D.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011