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Company Date Purchase (CR)
Morrison-Knudson 01/04/73 $11,546.12
03/12/73 5,134.95
04/13/73 1,006.53
$17,687.60
Galion 05/11/73 335.33
Imico/Imiss 06/07/73 85.00
11/21/73 39,772.00 39,857.00
Pioneer-Portec 07/12/73 14,891.74
07/12/73 18.65 14,910.39
Company Date Purchase (CR)
Iran Aircraft 10/12/73 17,560.03
Atl. Richfield 11/01/73 10,058.62
Massey Insurance 449.50
Pioneer Ret. ck 03/20/73 22,029.00
Total purchase credits $122,888.47
For the year 1973 petitioner's purchase credits of
$122,888.07 exceed purchase debits of $100,966.70 by $21,921.37.
On his 1973 income tax return petitioner claimed cost of goods
sold in the amount of $11,320.75. According to this method of
computing cost of goods sold, purchase debits were goods
purchased, and purchase credits were reimbursements received.
For the year 1973 petitioner overstated cost of goods sold
by $33,242.12.
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