- 3 - returns were prepared by Franciso Javier Bencomo (Bencomo). No income or gross receipts from Autos Oti-Juarez were reported on petitioners’ individual Federal income tax returns for 1990, 1991, and 1992. Autos Oti-Juarez was a cash business. Petitioner paid cash to purchase used cars for resale. Salesmen were paid their commissions on sales in cash. No business records from Autos Oti-Juarez were provided to respondent's agents at any time. Petitioners requested and received extensions to file their 1990 Federal individual income tax return, extending the due date until October 15, 1991. Petitioners’ 1990 return was filed a year later on October 15, 1992. Petitioners requested and received extensions to file their 1991 Federal individual income tax return. Petitioners timely filed their 1991 return on October 15, 1992. Petitioners requested and received extensions to file their 1992 Federal individual income tax return, extending the due date until October 15, 1993. Petitioners’ 1992 return was filed on November 23, 1993. OPINION Respondent determined that petitioners had failed to report income from Autos Oti-Juarez on their individual Federal income tax returns for 1990, 1991, and 1992. Petitioners do not dispute respondent’s determination that this income should have been reported on their returns. Petitioners are seeking, however, toPage: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011