James E. and Chung H. Peacock - Page 15

                                        -15-                                          
               6.   Summary of Petitioners' Use of Cash or Cashier's Checks           
                    in 1983                                                           
               Petitioners used cash or cashier's checks to make the                  
          following payments in 1983:                                                 
               Date      Amount       Description                                     
               Jan. 28   $45,002 Purchase of Pace Arrow                               
               Feb. 24   2,780 Purchase of 1983 Bellew Trailer                        
               Mar. 29   20,362 Payments to IRS & property taxes                      
               Apr. 1    100,000 Downpayment for Glenstone property                   
               May 25    10,000 Downpayment for Valley Road property                  
               May 26    134,000 Second payment for Glenstone property                
               June 16   7,500 Payment to IRS                                         
               Sept. 16    7,500 Payment to IRS                                       
               Oct. 31   70,000 Final payment for Valley Road property                
               Total  $397,144                                                        
               7.   1983 to 1987                                                      
               Petitioners reported income from their saunas of $43,501,              
          $37,269, $95,595, $22,625, and $1,169 and deducted wages of                 
          $60,300, $64,140, $82,623, $74,530, and $66,515, on the Schedules           
          C they filed with their tax returns for 1983 to 1987,                       
          respectively.  Petitioners did not pay wages.                               
               Petitioners did not receive gifts or inheritances of                   
          substantial value from 1983 to 1987.                                        
               In January 1985, petitioner-wife reported to the Tacoma                
          police that $90,000 in cash had been stolen from their home.                
          Petitioners did not deduct a theft loss on their 1985 tax return.           
               Petitioners had bank accounts which paid $30,807 in interest           
          from 1983 to 1987 ($12,831 in 1983, $8,330 in 1984, $5,717 in               
          1985, $1,852 in 1986, and $2,077 in 1987).  Petitioners also had            
          IRA accounts during the years in issue.                                     





Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  Next

Last modified: May 25, 2011