Apollo Overseas International, Inc. - Page 20

                                        -  -20                                           
               Petitioner devotes much of its brief to argument that it is            
          being penalized because of its lack of adequate records.                    
          However, the duty is on petitioner to maintain adequate records             
          and, in determining items affecting its income tax, the lack of             
          such records should weigh heavily against petitioner.                       
          Petitioner's computations in lieu of its records do not comport             
          with facts in the record or with reason.  We have determined                
          amounts we consider very reasonable for customs duties, freight,            
          and other fees with respect to petitioner's sales in the years              
          here in issue based on the facts in this record.  We consider               
          these amounts to represent reasonably the amounts paid by                   
          petitioner in each year.  However, the fact that it was necessary           
          to reconstruct the amounts paid by petitioner for customs duties,           
          freight charges, and other fees is due to petitioner's failure to           
          keep adequate records as required by statute.                               

                                                  Decision will be entered            
                                             under Rule 155.                          

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  

Last modified: May 25, 2011