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Casualty Insurance Co. of Nashville, Tennessee, on his return for
1989. Petitioner subsequently conceded respondent's adjustment
disallowing claimed 1990 Schedule C expenses of $2,418. In
addition, the parties have stipulated that petitioner's bank
deposits (less deposited checks returned for insufficient funds
and bank errors) and cash expenditures from funds not derived
from the bank account, less nontaxable sources of funds other
than petitioner's alleged cash hoard at the beginning of 1989,
were as follows for each of the years in issue:
1989 Agreed Bank Deposits Plus Cash Expenditures
BANK DEPOSITS $29,571.88
Less:
Checks returned insufficient funds plus
bank error (882.99)
FUNDS NOT DEPOSITED IN BANK
CASH EXPENDITURES
Car repairs 48.99
Traveler's checks 4,500.00
IRA 2,000.00
Form 4789 (pay off Mustang) 16,132.00
Deposit on house 500.00
Deposit on car (Mustang) 500.00
Stereo equipment 403.50
Jewelry 100.00
Concert tickets 250.00
TOTAL CASH EXPENDITURES 24,434.49
less:
NONTAXABLE SOURCES OF FUNDS:
Federal tax refund 566.00
Allstate refund 324.58
Gift from Jean Boone 5,000.00
Checks to cash 370.00
TOTAL AGREED NONTAXABLE SOURCES (6,260.58)
TOTAL AGREED BANK DEPOSITS, CASH
EXPENDITURES, LESS NONTAXABLE SOURCES
OF FUNDS 46,862.80
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