- 10 - managed account investor and then transferred through GSC America to GSC: Years in Issue Purpose 1984 1985 1987 Hedge transactions $114,025 $ 0 $ 0 Payments of principal 58,380 25,334 45,865 and interest on managed account funds Purchase of Krugerrands 0 0 37,725 $100,000 transfer 0 0 100,000 Total $172,405 $25,334 $183,590 Tax Returns The following schedule reflects the date filed, timeliness, gross income reported, and filing status relating to each of petitioner’s Federal income tax returns for 1984 through 1987. Gross Income Return Date Filed Filed Reported Filing Status 1984 8/15/85 timely $147,000 married filing jointly 1985 6/13/86 untimely $174,900married filing jointly 1986 2/26/88 untimely$254,573 married filing separately 1987 4/7/89 untimely $83,600married filing separately The above gross income reported on the tax returns for each year consisted primarily of petitioner’s salary income from GSC and Barbara B. Rehtorik’s salary income from her employment as manager of a retail clothing store. Petitioners did not include as income on their 1984 and 1985 joint Federal income tax returns, and petitioner did not include as income on his 1987 individual Federal income tax return, anyPage: 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