10
Petitioners reported income from the sale of Bohannon, S.A.
stock from 1973 to 1989 as follows:
Year Income from Sale of Bohannon, S.A. Stock
Reported on Petitioners’ Return
1973 -0-
1974 -0-
1975 -0-
1976 -0-
1977 Not in record
1978 -0-
1979 -0-
1980 -0-
1981 Not in record
1982 $875,000
1983 -0-
1984 397,673
1985 793,816
1986 642,972
1987 -0-
1988 218,000
1989 219,500
Total 3,146,961
A general business credit was reported on petitioners' Forms
K-1 from 1976 to 1985. Petitioners attached Forms 3800, General
Business Credit, to their 1988 and 1989 returns. On them,
petitioners reported but did not claim a $27,548 carryforward of
the general business credit for 1988 and 1989.
Petitioners reported gains from the sale of stock of
Bohannon, S.A. ($875,000) and Hardwoods, S.A. ($287,100) on their
1982 return. Hardwoods, S.A. was another Panamanian corporation
in which petitioner owned stock. Petitioners made no section
172(d) computations on their 1982 return.
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