Haghnazarzadeh, T.C. Memo. 2021-47: Married Couple Had Unreported Income in Bank Accounts Now Owes IRS Nearly $3 Million (April 29, 2021)

The Tax Court released Memorandum Opinion for Josef Haghnazarzadeh and Catherine Y. Haghnazarzadeh v. Commissioner of Internal Revenue, T.C. Memo. 2021-47 (April 29, 2021) and announced that decision will be entered under Rule 155. A married couple had unreported taxable income for two tax years at issue. The taxpayers did not produce books or records reflecting the full amount of deposits made to their several bank accounts during the tax years at issue. Moreover, the taxpayers did not satisfy their burden of proof by showing that the deposits made into their accounts represented nontaxable income.

See full opinion, click: Josef Haghnazarzadeh and Catherine Y. Haghnazarzadeh v. Commissioner of Internal Revenue, T.C. Memo. 2021-47 (April 29, 2021)

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.