- 3 - term "petitioner" to refer solely to Richard D. Hudson. Betty L. Hudson is a party mainly because she filed joint Federal income tax returns with petitioner during the subject years. Background The stipulated facts and exhibits are incorporated herein by this reference. Petitioner and Mrs. Hudson are husband and wife. They resided in Bloomington, Indiana, when they petitioned the Court. They filed 1987 and 1988 Forms 1040, U.S. Individual Income Tax Returns, using the status of "Married filing joint return". During the subject years, petitioner operated a sole proprietorship that sold diamonds and other gemstones at wholesale and retail prices. Petitioner started this business in 1965, and he has always used the cash receipts and disbursements method (cash method). Petitioner did not maintain inventories for purposes of computing his cost of goods sold, but he currently expensed all costs that he paid to purchase the diamonds and other gemstones. Following concessions by the parties, petitioner's gross receipts, cost of goods sold, and gross profit percentage for the subject years were:Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011