- 10 -
Buying
in $0 $73,700 $40,300 $56,250
Front money
deposit 0 111,200 0 0
Total $0 $184,900 $40,300 $56,250
------------------------------------------------------
1989 Caesars Tropworld Trump Ballys
Buying
in $59,900 $48,150 $14,400 $0
Front money
deposit 0 0 0 0
Total $59,900 $48,150 $14,400 $0
Petitioner's Tax Returns
Petitioner reported the following items of gross income on
his Federal income tax returns for the years in issue:
1987 1988 1989
Wages $65,917 $45,379 $48,922
Taxable interest income 105 147 238
State tax refund 0 16 221
Dividend income 0 0 33
Total $66,022 $45,542 $49,414
Petitioner made no disclosures in his 1987 Federal income
tax return or in a statement attached to that return of any
amounts omitted from that return.
Unreported Income
Petitioner failed to report an item of gross income in the
amount of $408,318 received in 1987.
Negligence
Petitioner and Hester acted together to structure receipt of
the $408,318 so that petitioner could retain control of it but
claim that he had not received it for tax purposes.
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Last modified: May 25, 2011