Martin v. Comm’r, T.C. Memo. 2021-35 | March 24, 2021 | Holmes, J. | Dkt. No. 10115-15
Short Summary: The IRS examined the taxpayers’ 2009 and 2010 joint income tax returns. After the exam concluded, the IRS issued a notice of deficiency determining the taxpayer had unreported income. In addition, the notice of deficiency denied certain losses from prior years, disallowed certain deductions related to taxpayer-husband’s business, and determined that penalties were appropriate.
- Whether the taxpayers had additional, unreported income; were permitted to claim certain deductions; and were liable for the late-filing penalty and the accuracy-related penalty?