- 5 -
All of the currency seized in this manner was in petitioner's
possession and/or subject to petitioner's dominion and control at
the time that it was seized.
During 1992, petitioner paid $26,000 in cash to a general
contractor for work done on a residence located in Nashville,
Tennessee.
During 1994, petitioner was convicted of Federal money
laundering charges and was sentenced to 5 years in prison. At
the same time, petitioner was convicted of conspiracy to
distribute marijuana by the State of Tennessee.
Petitioner failed to maintain, or submit to respondent for
examination, adequate books or records regarding the income that
he derived from sales of illegal drugs during the years in issue.
At the start of the 1992 taxable year and at all times during the
1992 and 1993 taxable years, petitioner neither had nor received
any nontaxable or excludable income, receipts, cash, or other
assets.
Petitioner realized income from sales of illegal drugs in
the amounts of $751,823 and $400,260 during the taxable years
1992 and 1993, respectively.
Petitioner filed individual Federal income tax returns for
1992 and 1993 reporting adjusted gross income (comprised of wage
and interest income from a checking account) of $10,933 and
$6,169, respectively. Petitioner failed to report any income
and/or expenses from illegal drug sales on his 1992 and 1993 tax
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011