- 56 -
"Gold/Silver Income" for each taxable year are as follows:
TYE June 30 Gross Receipts Direct Costs
1988 $14,110 $371
1989 60,112 - 0 -
m. Project Income
LTD earned income on a research project for one of LTD's
clients. The gross receipts and direct costs relating to LTD’s
"Project Income" are as follows:
TYE June 30 Gross Receipts Direct Costs
1988 $20,000 $4,135
n. Income From Investments
In the investment income category, LTD earned four items of
revenue. LTD reported gain on the sale of Currency Fund units.
The funding account (also known as the client clearing account)
purchased Currency Fund units from clients during October and
November and subsequently sold them to the Currency Fund account
for a gain of $64,291.18. Additionally, LTD reported the gain on
the sale of FEIM Fund units. The funding account purchased FEIM
Fund units from clients and subsequently sold them to the FEIM
Fund account for a gain of $44,576.33. LTD had a loss on the
sale of stock in a concern known as TAMSA in the amount of
$11,275.35. Finally, LTD had a loss on an investment in Mexican
stocks in the amount of $83,061.23. The gross receipts and
direct costs relating to LTD’s "Income from Investments" are as
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