- 5 - Over the years, petitioner has built two sailboats. One was a 24-foot sailboat which petitioner sold. There is no information in the record concerning the costs petitioner incurred in building the 24-foot sailboat or the price for which petitioner ultimately sold the boat. Petitioner also built a 33-foot sailboat. As of the time of trial, petitioner still owned the 33-foot sailboat, and he used it for recreational purposes. In summary, petitioner reported the following adjusted gross income on his Form 1040, U.S. Individual Income Tax Return for 1990: Interest income $29 Business income (Schedule C) 78,253 Capital gain (Schedule D) 71,683 Other gains or (losses) (Form 4797) 3,612 Rents, royalties, partnerships, estates, trusts, etc. (Schedule E) (78,751) Total adjustments (5,925) Adjusted gross income 68,901 The above business income consists of the net profit from petitioner's law practice as reported on the Schedule C, Profit or Loss from Business, attached to petitioner's 1990 tax return, as follows: Gross income $157,391 Total expenses 79,138 Net profit (loss) 78,253Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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