T.C. Memo. 1996-549
UNITED STATES TAX COURT
JOSEPH AND ANNIE CHU, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket Nos. 142-95, 22884-95. Filed December 18, 1996.
Ps owned and operated a retail gift store, and
they deposited the stores' proceeds into bank accounts
owned or controlled by them. R determined that the
amounts of these deposits were includable in Ps' gross
income for the year of deposit. R also determined that
Ps did not report certain interest income, and that Ps
were liable for accuracy-related penalties under
sec. 6662(a), I.R.C. Held: R's determinations
sustained to the extent stated herein.
John M. Youngquist, for petitioners.
Allan D. Hill, for respondent.
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