- 21 - unexplained deposits do not include the store deposits. Respondent adjusted the corporate petitioner's income as follows: Taxable Year Ending Item 9/30/86 9/30/87 9/30/88 9/30/89 9/30/90 Purchase Rebates $16,007 $24,308 $8,056 $20,561 Gross Receipts 41,039 180,913 41,220 73,608 Contributions (1,320) (1,247) (843) (728) NOL Deduction $35,851 5,909 Respondent has since conceded the amounts of those rebate checks that were credited to the corporate petitioner's accounts payable at the respective vendors, where net costs were used in calculating cost of sales, and has conceded some receipts. The amounts of respondent's concessions are (rounded to the nearest dollar): Taxable Year Ending Item 09-30-87 09-30-88 09-30-89 09-30-90 Rebates and coupons $2,988 $1,625 $2,964 $5,050 Gross receipts -0- 46,413 5,987 -0- The Suttons Mr. Board examined the Suttons' bank records and compiled a list of specific unexplained deposits which respondent included in the Suttons' income. The yearly totals of these unexplained deposits to the Suttons' personal bank accounts over the 5-year period are:Page: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011