- 6 -
$267,614 in gross receipts from insurance companies and other
business entities. Mr. Jung reconciled this with the amount
petitioner reported as gross receipts on his tax return.
Petitioner's reported gross receipts for 1989 ($270,658) were
$3,044 more than the total income reported on his Forms 1099
($267,614).
Mr. Jung asked for petitioner's Forms 1099 for 1988 and
1990; however, petitioner told Mr. Jung that he had misplaced
them. Respondent obtained Information Returns Master File
Transcripts (IRP transcripts) which were based upon information
reported to the Internal Revenue Service (IRS) by payors who
filed information returns with the IRS showing that the payors
paid certain amounts (such as wages, interest, and other income)
to petitioner during 1989 and 1990. For 1990, the IRP
transcripts showed that petitioner received $313,735 in gross
receipts from insurance companies and other business entities.
Petitioner's reported gross receipts for 1990 ($317,334) were
$3,599 more than the total income reported on his Forms 1099
($313,735).
Without petitioner's Forms 1099 or IRP transcript for 1988,
respondent was unable to perform a similar comparison for 1988 of
petitioner's reported gross receipts and the amount reported to
the IRS as paid to petitioner by Form 1099 payors.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011