- 32 -
AJD/Robin Woods, Ltd. $63,000
Rivergreen Buildings 1--10 135,000
Brafferton Buildings 30 and 31 20,000
Olde Sawmill on the Lake Buildings 1--8 128,100
Old Sawmill on the Lake II Buildings 1--9 134,700
Total 480,800
7. The Tax Returns
Petitioners filed joint Federal income tax returns for the
taxable years 1982, 1983, and 1984. Schedules C of these returns
reflect that petitioner, doing business as "Albert J. DeSantis",
engaged in "Financial Consulting". On Schedule C of his 1982
return, petitioner reported $361,222 in gross receipts or sales.
On Schedule C of his 1983 return, petitioner reported $470,806 in
gross receipts or sales. Petitioner did not indicate on the 1982
and 1983 returns what specific items of income represented the
gross receipts. There is no explanation as to how petitioner
calculated gross receipts on Schedules C of his 1982 and 1983
returns. On Schedule C of his 1984 return, petitioner reported
$2,742,409 in gross receipts or sales. Petitioner attached a
schedule which itemized the income he received from "Financial
Consulting" in 1984. There is an entry on the schedule for
"other consulting fees" in the amount of $180,000. As indicated,
petitioner did not provide an explanation of what fees he
received and how he calculated this amount.
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