Prakash v. Comm'r

2016 T.C. Memo. 176, 112 T.C.M. 331, 2016 Tax Ct. Memo LEXIS 175
CourtUnited States Tax Court
DecidedSeptember 20, 2016
DocketDocket No. 28170-14.
StatusUnpublished

This text of 2016 T.C. Memo. 176 (Prakash v. Comm'r) 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
Prakash v. Comm'r, 2016 T.C. Memo. 176, 112 T.C.M. 331, 2016 Tax Ct. Memo LEXIS 175 (tax 2016).

Opinion

AJAI PRAKASH AND SWARN PRAKASH, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Prakash v. Comm'r
Docket No. 28170-14.
United States Tax Court
T.C. Memo 2016-176; 2016 Tax Ct. Memo LEXIS 175; 112 T.C.M. (CCH) 331;
September 20, 2016, Filed
*175 Ajai Prakash, Pro se.
William J. Gregg and Bartholomew Cirenza, for respondent.
RUWE, Judge.

RUWE
MEMORANDUM FINDINGS OF FACT AND OPINION

RUWE, Judge: Respondent issued a final determination denying petitioners' claim to abate interest on their 2003, 2004, and 2005 Federal income tax liabilities. Petitioners timely filed a petition to this Court under section 6404(h)*177 .1 The sole issue for decision is whether respondent abused his discretion by denying petitioners' claim to abate interest.

FINDINGS OF FACT

Some of the facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated herein by this reference.

Petitioners resided in New York when they filed their petition.

At all relevant times, petitioner Ajai Prakash owned 100% of the outstanding shares of stock in Sutphin Drugs, Inc. (Sutphin), a subchapter S corporation. Petitioners filed joint Federal income tax returns for the taxable years 2003, 2004, and 2005 on January 20 and 30, 2006, and February 20,*176 2007, respectively.2 The following table summarizes the tax reported due by petitioners on their returns, payments made by petitioners, and penalties and interest added to petitioners' account:

ItemTY 2003TY 2004TY 2005
Tax reported on return$12,614.00$9,175.00$9,436.00
Penalty for not prepaying167.1671.00246.21
Penalty for late filing1,595.70567.181,455.30
Penalty for late payment780.12157.55358.89
Interest871.60181.18502.43
Withholding(5,522.00)(6,024.00)(2,968.00)
Payment with return(7,092.00)(3,222.00)(5,838.00)
Balance due3,414.58905.913,192.83

*178 Petitioners paid the above-listed balances due for the taxable years 2003, 2004, and 2005 on March 3 and 17, 2006, and April 3, 2007, respectively.

In early 2008 the Internal Revenue Service (IRS) initiated an audit of Sutphin and examined Sutphin's Forms 1120S, U.S. Income Tax Return for an S Corporation, for the taxable years 2003, 2004, and 2005. As part of the audit the IRS requested copies of petitioners' individual income tax returns. Petitioners prepared Forms 1040X, Amended U.S.*177 Individual Income Tax Return, for the taxable years 2003, 2004, and 2005 and personally delivered these returns to the IRS on August 19, 2008. Petitioners filed the amended returns because income from Sutphin was incorrectly reported on their originally filed tax returns. The following table illustrates the tax reported due by petitioners on their original returns compared with the tax reported due on their amended returns:

Tax ReportedTax ReportedIncrease in
Year(original return)(amended return)Tax Reported
2003$12,614$25,748$13,134
20049,17588,53779,362
20059,436111,982102,546

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2016 T.C. Memo. 176, 112 T.C.M. 331, 2016 Tax Ct. Memo LEXIS 175, Counsel Stack Legal Research, https://law.counselstack.com/opinion/prakash-v-commr-tax-2016.