Ara Eresian and Evelyn Eresian - Page 4

                                        - 4 -                                         

                                  FINDINGS OF FACT                                    
               Petitioners resided at 62 Westwood Road, Shrewsbury,                   
          Massachusetts, at the time they filed their petition.  During the           
          years in issue, petitioners filed joint returns.  Their 1988                
          return was not filed until January 31, 1990.                                
               Petitioner wife, Evelyn Eresian (Evelyn), has been a title             
          examiner for approximately 54 years, and for several years,                 
          including 1988 and 1989, she has owned one-third of Hobbs                   
          Abstract Company.  Petitioners reported $58,000 of wages from the           
          company for 1989.  They also reported $83,000 of wages in 1988,             
          but the source of the 1988 wages is uncertain.                              
               During the years in issue, Evelyn and her son, Ara Eresian,            
          Jr. (Ara), held as trustees four rental properties, most improved           
          with apartment houses.  At least one of the properties, 16 Ripley           
          Street, Worcester, Massachusetts, was completely rented as of               
          January 28, 1988.  Its five apartments rented for a total monthly           
          rental of $2,050.  Nevertheless, none of the rental income from             
          any of these properties was reported on any Federal income tax              
          return for 1988 and 1989.  The trust owning the properties failed           
          to file Federal income tax returns for the years in issue, and              
          petitioners' reported no rental income on their own returns.                
          Moreover, while both Evelyn and Ara, the two trustees, attended             
          trial, they failed to identify the beneficiaries of the trust.              







Page:  Previous  1  2  3  4  5  6  7  8  9  10  Next

Last modified: May 25, 2011