Table 1
1983 1984 1985 1986 1987 1988
Gross receipts $564,189.13 1 1 1 $91,723.54 $110,448.33
Gross income 345,282.92 $9,465.00 $183.49 $3,398.00 91,723.54 110,448.33
Total deductions 230,449.78 15,762.39 3,985.52 4,942.42 66,764.54 2 81,448.28
excluding theft/
casualty loss
deduction
Net profit(loss) 114,833.14 (6,297.39) (3,802.03) (1,544.42) 24,959.00 2 29,000.05
excluding theft/
casualty loss
deduction
Theft/casualty loss 16,347,250.00 16,194,002.60 16,182,867.55 16,142,546.20 16,072,854.77 16,047,895.77
deduction
Net profit (loss) (16,232,416.86) (16,200,299.99) (16,186,669.58) (16,144,090.62) (16,047,895.77) 2 (16,018,895.77)
1 Petitioners did not show any amounts on the “Gross receipts or sales” lines of the indicated Schedules C.
2 The total of the 1988 Schedule C deductions shown on the tax return is 5 cents less than the amount shown on the
“total deductions” line of the 1988 Schedule C. This 5-cent error does not affect the amount of the “rounded-off”
deficiency.
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