- 20 - Rents: 3341 Lucile -- 12,900 3 Arroyo -- 8,550 189 Ivy -- 3,500 Total gross rents 24,950 24,950 Royalties: Occidental -- 785 Permain -- 124 Texaco -- 355 Phillips -- 59 Exxon -- 5 Walter L. Johnson -- 63 NPI -- 165,481 Total royalties 166,872 166,872 Other income (NPI) 100,000 100,000 Evelyn C. Hermsmeir 137,341 137,342 partnership 1120-S return of NPI: ERG Hercules payment 483,098 -- Gross rents 119,508 79,712 Total 602,606 79,712 Baden Spiel Haus -- 625 partnership Total 1,137,646 615,378 The parties calculated the percentage of omitted gross income in 1989 as follows: The Bensons’ Respondent’s calculation calculation Omitted gross income $116,679 $444,947 Reported gross income $1,137,646 $615,377 Percent understated 10.26 72 1. Omitted Gross Income The parties agree that the Bensons omitted gross income of $116,679, which consists of: (1) Constructive dividends of $96,749 from ERG’s payment of legal expenses (Check ref: Carroll); (2) constructive dividends of $10,624 from automobile expenses paid by ERG; (3) constructive dividends of $2,404 fromPage: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
Last modified: May 25, 2011