- -10
Petitioner's Federal income tax returns for its years ending
June 30, 1988, 1989, and 1990 showed the following respective
gross receipts and expenses:
Year Gross receipts Fuel tax Truck maintenance Fuel
1988 $13,692,622 $24,729 $656,537 $301,497
1989 17,168,758 47,401 770,155 466,045
1990 19,645,187 53,035 884,262 280,069
According to the information reported on petitioner's income
tax returns for its fiscal years 1988, 1989, and 1990,
petitioner's fuel taxes increased as its gross receipts
increased. However, in 1990, petitioner's fuel expenses dropped
significantly despite the increase in gross receipts and fuel
taxes.
Kurt Caillier very briefly reviewed petitioner's Federal
income tax return for its fiscal year ending June 30, 1990 (the
return), before he signed it. Kurt Caillier signed the return,
presuming it was correct. Kurt Caillier was aware that the tire
expense at issue in this case was deducted on the return.
Nikki's Federal income tax returns for the fiscal years
ending September 30, 1988, 1989, and 1990, showed the following
respective gross rents and expenses:
Year Gross rents Insurance Truck maintenance Licenses
1988 $722,938 $84,745 $236,589 $26,474
1989 1,396,971 87,591 275,783 77,796
1990 1,303,300 73,264 232,639 109,177
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011