- 5 - Petitioners paid interest on the loan from Jae Gilpin (Gilpin). Petitioners were required to pay interest on at least a portion of the loan from Su Chon Han. Petitioners also incurred debt related to their purchase of several automobiles during the years in issue. Petitioners had the following personal credit card account balances: Date Credit Card Balance Dec. 31, 1989 $20,521.99 Dec. 31, 1990 16,413.37 Dec. 31, 1991 26,075.24 JKY had the following nontaxable receipts during 1991: Description Amount Loan from Sunwest 1$40,000 Loan from shareholder 189,530 Loans from suppliers: Price Mart 5,000 Almar Sales 14,000 La Coqurto 3,000 Total $151,530 1Respondent allowed these amounts in the notice of deficiency. JKY had $140,614.37 of sales returns/chargebacks during 1991. Income Tax Returns Patrick Caufield (Caufield) prepared petitioners' 1989 Form 1040, U.S. Individual Income Tax Return, and JKY's 1990 Form 1120S, U.S. Income Tax Return for an S Corporation. Caufield did not review the tax returns with Yoon because of the difficulty in communicating with him. Thomas Hwang prepared petitioners' 1990 and 1991 Forms 1040 and JKY's 1991 Form 1120S.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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