Floyd v. Commissioner

1978 T.C. Memo. 368, 37 T.C.M. 1517, 1978 Tax Ct. Memo LEXIS 145
CourtUnited States Tax Court
DecidedSeptember 14, 1978
DocketDocket No. 2145-73.
StatusUnpublished

This text of 1978 T.C. Memo. 368 (Floyd v. Commissioner) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Floyd v. Commissioner, 1978 T.C. Memo. 368, 37 T.C.M. 1517, 1978 Tax Ct. Memo LEXIS 145 (tax 1978).

Opinion

CHARLES D. FLOYD AND CYNTHIA P. FLOYD, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Floyd v. Commissioner
Docket No. 2145-73.
United States Tax Court
T.C. Memo 1978-368; 1978 Tax Ct. Memo LEXIS 145; 37 T.C.M. (CCH) 1517; T.C.M. (RIA) 78368;
September 14, 1978, Filed

*145 Held, respondent failed to carry his burden of proving fraud on the prat of Charles Floyd for 1968 by clear and convincing evidence since he failed to establish Charles Floyd had any specific knowledge of the inaccuracy of records delivered to the return preparer.

Lewis P. Terrell and Buford C. Terrell, for the petitioners.
Douglas R. Fortney, for the respondent.

WILES

MEMORANDUM FINDINGS OF FACT AND OPINION

WILES, Judge: Respondent determined a deficiency and a section 6653(b) 1 addition to tax of $ 6,401.91 and $ 3,200.95, respectively, in petitioners' 1968 income tax. After concessions, the sole issue is whether any part of the underpayment of income tax for 1968 was due to fraud with intent to evade tax on the part of petitioner Charles D. Floyd. 2

*146 FINDINGS OF FACT

Some facts were stipulated and are found accordingly.

Charles D. and Cynthia P. Floyd lived in Gaines County, Texas, when they filed their 1968 joint Federal income tax return and when they filed their petition in this case.

In 1956, Charles D. Floyd graduated from the high school in Loop, Texas, which had an approximate enrollment of sixty students. Charles Floyd completed one bookkeeping course. From 1959 through 1961, he served in the military. Following his military discharge, Charles Floyd began farming cotton an peanuts.

On February 14, 1964, Charles Floyd married Cynthia Pauline King. They have two children, Michael Shea, born March 11, 1966, and Toby, born April 19, 1969. Cynthia Floyd, who also graduated from the high school in Loop, Texas, attended Texas Tech University for two years where she majored in Secretarial Administration. She has never had a bookkeeping course.

Mrs. Hill of Denver City, Texas, prepared petitioners' tax returns for the years 1962 to 1968, inclusive. Mrs. Hill, a bookkeeper since 1935, completed her college accounting at Druns Business College, Houston, Texas, in 1940 and began preparing tax returns in 1961.

*147 Mrs. Hill requested petitioners to begin keeping records so that their tax returns would not have to be prepared from miscellaneous farm records and bank statements. Although Cynthia Floyd had no bookkeeping education or experience, Mrs. Hill attempted to teach her how to record each year's expenses, but not receipts, in a farm income and expense book. Cynthia Floyd had the sole responsibility for preparing the book; Charles Floyd never made an entry in a book for any year.

For the years 1966 through 1968, Cynthia Floyd recorded as income farm receipts from deposit slips. If she had a question whether a particular deposit was income, she would consult Charles Floyd. He would advise her how much, if any, of the particular deposit was income. Petitioners and their son, Michael Shea, h1d checking accounts only at the First National Bank of Seagraves in the names of Douglas Floyd, Cynthia Floyd, and Shea Floyd. All income was deposited in these bank accounts. Cynthia Floyd stated that she often did not record the income on a monthly basis from the bank statements, but would record the entire year's income in December.

In 1966, 1967, and 1968, Charles Floyd delivered the*148 farm income and expense books prepared by Cynthia Floyd to Mrs. Hill from which the latter prepared petitioners' income tax returns for those years. Charles Floyd furnished Mrs. Hill all the records she requested for these years. She chose not to request the bank statements from him, although they were available. She relied exclusively on the books prepared by Cynthia Floyd to prepare the tax returns. The gross income reported on the income tax returns for those years was taken, for the most part, from the figures recorded in the farm income and expense book for each year.

After Mrs. Hill prepared a rough draft of petitioners' 1966 tax return using the 1966 book figures, she told Charles Floyd that there were no entries in the book reflecting cotton sales after mid-December 1966. Since cotton farmers normally sell cotton toward the end of December, she suggested that perhaps some cotton sales had not been recorded in the book. Charles Floyd then told her to add $ 10,000 to the 1966 farm income.

Respondent determined that petitioners' gross income was understated by $ 64,743.38 and $ 19,003.49 for 1966 and 1967, respectively, and the parties agreed that petitioners' gross*149 income was understated by $ 11,314.49 for 1968. Although Charles Floyd admitted that some of the bank deposits were apparently not recorded in the farm income and expense book, he could offer no explanation for the omissions. Cynthia Floyd explained the unrecorded deposits by indicating that she simply never had time to prepare the books properly.

On November 21, 1968, Bill Ellyson issued his $ 656.24 check to Shea Floyd. Charles Floyd requested Ellyson to make the check payable to his two and one-half year old son. It represented payment for Ellyson's use of Charles Floyd's equipment and employee in his peanut harvest. The $ 656.24 check was deposited in Shea Floyd's separate bank account but was neither recorded in petitioners' 1968 farm income and expense book nor included in their gross income for 1968. Charles Floyd was very proud of his son and gave him many gifts normally given to only older children. He also put about $ 200 a month in Shea's account so that he could pay Shea's life insurance from the account.

On December 9, 1968, Charles Floyd deposited two income checks totalling $ 11,003.38 from the John King Peanut Company to his checking account. Cynthia Floyd*150

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1978 T.C. Memo. 368, 37 T.C.M. 1517, 1978 Tax Ct. Memo LEXIS 145, Counsel Stack Legal Research, https://law.counselstack.com/opinion/floyd-v-commissioner-tax-1978.