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the date of confirmation of the Plan, except any debts excepted from discharge under § 523 of the Bankruptcy Code, and except if the Debtors would be denied a discharge under § 727(a) of a chapter 7 case; * * *

On May 18, 1995, the bankruptcy court issued its final

decree and closed the bankruptcy case.

Petitioner and Mrs. Wood resided in the Florida house until

January

1996,

when

the

mortgage

was

foreclosed.

They

continued

to own the undeveloped land in Florida, the Brookdale timeshare,

and the Gulfstream timeshare throughout 1996.

On their 1994, 1995, and 1996 Forms 1040, U.S. Individual

Income Tax Return, petitioner and Mrs. Wood reported the

following:

Income Wages, salaries, tips, etc. Taxable interest Business income or (loss)--Schedule C Capital gain or (loss)--Schedule D Other gains or (losses)--Form 4797 Pensions & annuities--taxable amount Other income Total income Schedule A Medical & dental Taxes Real estate taxes Personal property taxes Home mortgage interest Total itemized deductions Itemized deductions/Standard deduction Taxable income

21,372

21,965

--

--

(9,093)

(36,389)

1,365

--

24,389

11,610

1994

1995

-- $408 (107,644) 76,771 -0-

-- $86 (58,440) -- --

35

--

42,614

23,476

68,403

35,086

68,403

35,086

-0-

-0-

1996

$1,442 908 (334,232) -- (20,581) 22,544 (36,389) (366,308)

--

-- -- -- -- 6,700

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