9
took his family (including the Wades) on a train trip from
Holland to Hong Kong.
From 1980 to 1989, petitioner paid his grandchildren's
private school expenses and paid for Scott's college, law school,
and other graduate work. He also bought new cars for his
grandchildren.
G. Petitioners' Tax Returns
Petitioners reported adjusted gross income/(loss), net
operating losses, and tax liability from 1973 to 1992 as follows:
NOL reported Tax
Year AGI per return on return liability
1973 $17,839 -- $237
1974 14,769 -- 75
1975 22,503 -- 188
1976 (71,322) -- -0-
1977 Not in record -- N/A
1978 (262,837) -- -0-
1979 (794,993) ($262,837) -0-
1980 (1,023,618) (794,993) -0-
1981 Not in record -- N/A
1982 (1,325,376) (1,342,640) -0-
1983 (1,359,420) (1,325,376) -0-
1984 (2,024,617) (1,325,376) -0-
1985 (3,106,064) (1,821,448) -0-
1986 (2,801,590) (2,818,172) -0-
1987 (2,457,106) (2,479,613) -0-
1988 (2,330,427) (2,512,307) -0-
1989 (2,162,888) (2,401,099) -0-
1990 (2,132,242) (2,242,047) -0-
1991 (2,227,894) (2,216,612) -0-
1992 (2,014,686) (2,308,249) -0-
Petitioner reported wages of $89,765 for 1982, $90,438 for
1983, $86,965 for 1984, $87,845 for 1985, $88,764 for 1986, zero
for 1987 and 1988, and $94,915 for 1989. He has no records
showing whether he received wages from Bohannon, S.A.
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