William Lenihan - Page 9

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               Auto and travel                         692                            
               Cleaning and maintenance                2,862                          
               Commissions                             915                            
               Insurance                               248                            
               Management fees                         221                            
               Repairs                                 368                            
               Supplies                                492                            
               Taxes                                   2,448                          
               Utilities                               624                            
               Depreciation expense or depletion        2,125                         
               Income (Loss)                      (1,820)                             
               IIC Mortgages                                                          
               Royalty income received                 14,397                         
               Equity Investments                                                     
               Royalty income received                 1,705                          
               Inwood Investment Club                                                 
               Royalty income received                 2,601                          
          Personal Exemptions                                                         
               In computing taxable income on the Nov. 10 return,                     
          petitioner claimed a deduction for two personal exemptions.                 
          Taxable Income and Tax                                                      
               The Nov. 10 return shows taxable income of $33,470 and tax             
          of $5,021.                                                                  
          1999 Tax Return                                                             
               Petitioner filed no Federal income tax return for 1999.                
                                       OPINION                                        
          I.  Deficiency in Tax                                                       
               A.  Arguments of the Parties                                           
               Petitioner relies on the accuracy of the Nov. 10 return.               
          Except with respect to petitioner’s report of capital gain                  
          income, respondent agrees with the items of gross income                    





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Last modified: May 25, 2011