Mason v. Commissioner

2001 T.C. Memo. 58, 81 T.C.M. 1283, 2001 Tax Ct. Memo LEXIS 75
CourtUnited States Tax Court
DecidedMarch 9, 2001
DocketNo. 3632-00
StatusUnpublished
Cited by1 cases

This text of 2001 T.C. Memo. 58 (Mason 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
Mason v. Commissioner, 2001 T.C. Memo. 58, 81 T.C.M. 1283, 2001 Tax Ct. Memo LEXIS 75 (tax 2001).

Opinion

RONALD A. MASON, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Mason v. Commissioner
No. 3632-00
United States Tax Court
T.C. Memo 2001-58; 2001 Tax Ct. Memo LEXIS 75; 81 T.C.M. (CCH) 1283; T.C.M. (RIA) 54270;
March 9, 2001, Filed

*75 Decision will be entered under Rule 155.

Dennis C. Becker, for petitioner.
Timothy S. Sinnott, for respondent.
Chiechi, Carolyn P.

CHIECHI

MEMORANDUM FINDINGS OF FACT AND OPINION

CHIECHI, JUDGE: Respondent determined the following deficiency in, and additions under sections 6651(a)(1) and (2) and 6654(a)1 to, petitioner's Federal income tax (tax):

                  Additions to Tax

          ________________________________________________

Year  Deficiency   Sec. 6651(a)(1)   Sec. 6651(a)(2)   Sec. 6654(a)

____  __________   _______________   _______________   ____________

1996 $ 2,175,165   $ 356,574.15    $ 396,193.50    $ 21,719.58

The only issue remaining for decision is whether petitioner is liable for the additions to tax under section*76 6651(a)(1) and (2) for 1996. We hold that he is.

FINDINGS OF FACT

Some of the facts have been stipulated and are so found.

Petitioner resided in Hartford City, Indiana (Hartford), at the time the petition was filed.

Petitioner attended Purdue University from which he received a B.S. degree in agricultural economics in 1967. While enrolled at Purdue University, petitioner took courses in economics, business management, and accounting.

After graduating from college, petitioner worked for approximately 7-1/2 years as a salesperson for College Life Insurance Company (College Life) in Indianapolis, Indiana.

While working for College Life, petitioner acquired and operated an A&W drive-in restaurant. Around 1975, petitioner resigned from College Life and worked in the restaurant business on a full- time basis. He has remained in the restaurant business to at least the date of the trial in this case.

In 1981, petitioner opened a restaurant in Hartford, known as Richard's restaurant, which was part of a chain of restaurants known by the same name. Shortly thereafter, in 1983, petitioner sold his A&W drive-in restaurant.

Since 1981, when petitioner opened Richard's restaurant in Hartford, he has operated it through an S corporation known as Kedd, Inc. (Kedd). At all relevant times, petitioner*77 was president and owned 50 percent, and his spouse Melanie Mason (Ms. Mason) was the secretary and the treasurer and owned 50 percent, of the stock of Kedd.

In 1987, petitioner opened a second Richard's restaurant in New Castle, Indiana (New Castle). Petitioner operated the Richard's restaurant in New Castle through another S corporation known as TRM, Inc. (TRM). During the year at issue, petitioner and Ms. Mason each owned 50 percent of the stock of TRM. Sometime thereafter, TRM ceased doing business because the Richard's restaurant located in New Castle was not profitable, and TRM was generating losses.

From 1993 through at least the year at issue, petitioner owned 100 percent of the stock of another S corporation, Prints Unlimited, Inc. (Prints Unlimited), which operated an art gallery. Sometime thereafter, Prints Unlimited, which was generating losses, ceased doing business.

At least during 1995 and 1996, petitioner was heavily involved in investing in the stock market, which took a lot of his time. During those years, petitioner purchased varying numbers of shares of stock in at least 48 companies, which he disposed of during 1996.

Throughout the period during which Kedd was*78 operating Richard's restaurant in Hartford, petitioner maintained the books and records for that corporation and prepared its payroll using an Apple computer. At all relevant times, he also maintained the books and records and prepared the payroll for TRM and Prints Unlimited.

At all relevant times, petitioner's activities relating to the operations of two Richard's restaurants, an art gallery, and stock investments took a great deal of his time.

Since Kedd began operating Richard's restaurant in Hartford in 1981, TRM began operating Richard's restaurant in New Castle in 1987, and Prints Unlimited began operating an art gallery in 1993, petitioner retained an accountant to prepare the S corporation tax returns, Forms 1120-S, for those S corporations. That accountant relied on petitioner, who kept the books and records of those S corporations, to provide him with the information that he needed to prepare those returns.

Prior to 1985, petitioner prepared tax returns (returns) for Ms. Mason and himself without using a computer tax software program (tax software program). Starting in 1985 and at all relevant times thereafter, petitioner prepared those returns by using a tax software*79

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Bluebook (online)
2001 T.C. Memo. 58, 81 T.C.M. 1283, 2001 Tax Ct. Memo LEXIS 75, Counsel Stack Legal Research, https://law.counselstack.com/opinion/mason-v-commissioner-tax-2001.