- 4 -
Bank of Oklahoma 5 --- ---
Total 76,464 67,644 67,379
Schedule C gross receipts reported on petitioners' 1991 tax
return were $57,501. "Total Income", as recalculated by Mr.
Gardner after the start of the audit, for 1991 was $64,281.
Petitioners made cash deposits--not to be confused with withheld
cash--during 1991 of $3,090. Mr. Gardner did not consider these
cash deposits as part of petitioners' Schedule C gross receipts.
Respondent determined that petitioners had underreported their
gross receipts for 1991 by $9,733. (Respondent did not consider
all deposits to be gross receipts; her revenue agent backed out
loan proceeds, account transfers, and gifts.)
A summary of total deposits, as calculated by the IRS, Mr.
Gardner, and petitioners, for 1992 follows:
Respondent's Petitioners'
Audit Mr. Gardner Check Registers
Bank of Oklahoma $63 $2,448 $2,492
Withheld cash 520 --- ---
Bank of Tulsa 68,398 68,348 48,886
Withheld cash 4,029 --- ---
Sooner Fed. S&L 11,570 11,115 7,796
Withheld cash 935 --- ---
Total 85,515 81,911 59,174
Schedule C gross receipts reported on petitioners' 1992 tax
return were $61,553. "Total Income", as recalculated by Mr.
Gardner after the start of the audit, for 1992 was $66,345.
Petitioners made cash deposits during 1992 totaling $16,476.
These cash deposits were not considered as part of petitioners'
Schedule C gross receipts as recalculated by Mr. Gardner.
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Last modified: May 25, 2011