BEFORE THE STATE TAX
COMMISSION OF UTAH
_____________________________________
XXXXX, )
:
Petitioner, )
:
v. ) INFORMAL DECISION
:
)
COLLECTION
DIVISION OF THE : Appeal No. 86 0370
STATE TAX
COMMISSION OF UTAH, ) Acct. No. XXXXX
:
Respondent. )
_____________________________________
STATEMENT OF CASE
This
is an appeal to the Utah State Tax Commission from a decision of the Collection
Division of the Utah State Tax Commission (Respondent) to assess penalty and
interest on individual income tax account No. XXXXX for the tax year
XXXXX. An Informal Hearing was held on
XXXXX, in the offices of the Utah State Tax Commission. David J. Angerhofer, Hearing Officer, heard
the matter for the Commission. XXXXX,
Esq., and XXXXX represented the Petitioner.
The
tax due and owing for the tax year XXXXX was $$$$$. Respondent assessed a penalty of $$$$$ and interest of $$$$$ as
of XXXXX, on this account.
Petitioner
stated that his income tax was not timely filed for XXXXX because an unforeseen
financial loss during the first quarter of XXXXX that was beyond his
control. Petitioner had invested $$$$$
in an equipment leasing operation, but discovered in XXXXX that the investment
was a sham and that he was the victim of a fraud. Petitioner has since become a certified member of a class action
suit in a Florida State Court in an effort to recapture his investment. Petitioner stated that he has made a good
faith effort to avoid bankruptcy and requests a waiver of penalty and interest.
FINDINGS
Every
taxpayer is responsible for his own financial affairs. The Tax Commission requires an investor who
reaps a return on his investment to timely remit his taxes. To insure fair and equal treatment of all
taxpayers, the Tax Commission must also require timely remittance of taxes from
the investor who suffers a loss. The
Tax Commission is not in a position to protect investors from the consequences
of their own actions.
DECISION AND ORDER
It
is the Decision and Order of the Utah State Tax Commission that Petitioner's
request for waiver of penalty and interest on individual income tax account No.
XXXXX be denied.
The
assessment of penalty and interest by the Collection Division of the Utah State
Tax Commission is hereby affirmed.
DATED
this 15 day of October, 1986.
BY ORDER OF THE STATE TAX COMMISSION OF UTAH.
R. H. Hansen Roger
O. Tew
Chairman Commissioner
G. Blaine
Davis G.
Blaine Davis
Commissioner Commissioner