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MEMORANDUM FINDINGS OF FACT AND OPINION
GERBER, Judge: Respondent determined the following income
tax deficiencies and penalties with respect to petitioners in
these consolidated cases:
Accuracy-Related
Penalty
Petitioners Year Deficiency Sec. 6662
Rhett Rance & 1998 $311,514 $62,302.80
Alice Avila Smith 1999 368,777 73,755.40
2000 373,183 74,638.40
2001 110,429 22,085.80
2002 87,535 None
Joel Rance & 1998 988,392 197,678.40
LaRhea Smith 1999 1,254,421 250,884.20
2000 439,132 87,826.40
2001 256,486 51,297.20
J. Zane & Shannon 1998 375,999 75,199.80
R. Creese Smith 1999 765,397 153,079.40
2000 386,956 77,391.20
2001 290,027 58,005.40
Unless otherwise indicated, all section references are to
the Internal Revenue Code, as amended and in effect for the years
under consideration, and all Rule references are to the Tax Court
Rules of Practice and Procedure.
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Last modified: March 27, 2008