- 50 - were deposited into the Zand FNCB London account. In the notice of deficiency for 1974 respondent determined that there was $13,221.35 in "other unreported" income from GM. In the amendment to answer respondent asserted that petitioner failed to report 1974 income from GM in the amount of $25,260.24. During 1974 GM deposited a total of �10,760.20 into the Zand FNCB London account after CTC corrected the amount and gave instructions as to the deposit location. This was equivalent to $25,260.24. None of this amount was recorded in the CTC cash receipts journal for the taxable year 1974 or as 1974 income by petitioner. In the notice of deficiency for 1975 respondent determined that there was $1,589.04 in "other unreported" income. In the amendment to answer respondent asserted that the notice of deficiency incorrectly included $507.21 as unreported income and that the correct amount should have been $1,204.12. On April 25, 1975, GM deposited �507.21 into the Zand FNCB London account. Petitioner concedes that this amount was equivalent to $1,204.12. None of this amount was included in the CTC receipts journal for 1975. In the notice of deficiency for 1975 respondent also determined that petitioner had "Per Books Unreported" income from GM of $1,050,285.15. During 1975 GM paid CTC commissions in the total amount of $1,995,906.02, all of which were deposited into the CTC CNB account. Petitioner included $435,034.98 of this amount in gross income on his 1975Page: Previous 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 Next
Last modified: May 25, 2011