- 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) 78,253
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