7 In 1990, petitioners deposited $136,408 in nine bank accounts (eight in the United States and one in Brazil). Of that amount, the following is nontaxable: Date Check/currency Amount deposited Source of funds 4/12 travelers checks $1,790 Mar. Brazil trip 4/24 Cr$ 1,679,225.87 30,531 Brazilian account 7/9 unknown 7,300 July Brazil trip 7/11 currency 3,200 July Brazil trip 8/22 travelers checks 4,000 July Brazil trip 9/25 currency 1,007 Sept. Brazil trip 9/25 currency 1,436 Sept. Brazil trip 11/20 currency/trav. check 2,088 Nov. Brazil trip 11/20 currency 6,596 Nov. Brazil trip 12/3 currency5 6,400 Transfer 12/3 check 2,250 Cashed check for friend Total $66,598 In 1991, petitioner-husband brought cash from their safe after each of several trips to Brazil. Petitioner-husband sometimes kept the cash he brought from Brazil in a safe in his Raleigh office before he deposited it in petitioners' non- interest bearing checking accounts. Petitioners deposited $396,905 in eight (seven U.S. and one Brazilian) bank accounts. Of the $396,905, petitioners deposited Cr$ 14,651,647.28 ($48,009) in the Bank of Itau in Brazil from their personal assets, and they made nontaxable deposits to U.S. bank accounts as follows: 5 This deposit was a transfer from account 157460395.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