Janet A. Phillips - Page 6
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stipulated the $203 petitioner received as a registered
shareholder of Tyson Foods, Inc., separate from her participation
in that corporation’s stock purchase plan. Certified business
records admitted into evidence by the Court substantiate the
$52,327.73 in unreported wage income paid to petitioner by Tyson
Sales and Distribution, Inc., and $227.64 in dividends paid to
petitioner by Tyson Foods, Inc, under a stock purchase plan.
II. Petitioner’s Entitlement to Deductions
At trial, and in her brief, petitioner asserts, without
providing any detail, that she should be allowed deductions.
Respondent concedes that petitioner is allowed to claim the
standard deduction in conjunction with single filing status but
asserts that petitioner has provided no evidence to support
itemized deductions or any other deductions.
Deductions are a matter of legislative grace, INDOPCO Inc.
v. Commissioner, 503 U.S. 79, 84 (1992), and the taxpayer must
maintain adequate records to substantiate the amounts of any
deductions, sec. 6001; sec. 1.6001-1(a), Income Tax Regs.
Because petitioner has provided no evidence to substantiate any
itemized deductions that exceed the standard deduction allowed by
respondent in the notice of deficiency, petitioner is allowed the
standard deduction for her 2004 taxable year.
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Last modified: March 27, 2008