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Assets
Cash-Sunwest $ 4,432.00
Cash-Sun World 3,674.00
Deposits 530.00
Depreciable assets (business)
Store equipment 378.00
Steel gate 140.00
Improvements 888.00
Chevrolet van 11,629.00
Display cases 600.00
Fixtures 5,406.00
Cash register 1,188.00
1989 Isuzu 13,317.00
Inventory 267,077.55
$309,259.55
Liabilities
Note payable-Chevrolet van $ 10,012.61
Note payable-Sunwest Bank 91,666.67
Accumulated depreciation 17,114.00
118,793.28
Investment in JKY $190,466.27
Respondent computed petitioners' December 31, 1990,
investment in JKY by adding the February 1, 1990, investment to
shareholder loans made during the year and income reported by
JKY, less distributions made during the year.
Investment as of 2/1/90 $190,466.27
Increased by:
1990 Income 47,577.00
Loans to JKY 45,000.00
Decreased by:
1990 Distributions (18,000.00)
Investment as of 12/31/90 $265,043.27
Respondent computed petitioners' December 31, 1991,
investment in JKY by adding the December 31, 1990, investment to
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