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$6,336.96 on February 1, 1990 and $4,934.95 on January 3, 1991.
Between June 13, 1990 and January 2, 1991, petitioner and Mr.
Peterson wrote $31,476.39 worth of checks against the Menomonie
account. Of this amount, petitioner wrote checks totaling
$8,519.84, and Mr. Peterson wrote checks totaling $4,728.07. An
employee named Jeff White, who worked for the Petersons, wrote
checks against the account totaling $11,699.19.2 The records
from the Menomonie account indicate that the account had a
balance of $20.90 on March 6, 1990 and $3,892.79 on December 31,
1990. Petitioner managed the account records for both of these
accounts.
Mr. Peterson prepared the couple's 1990 Federal income tax
return. That return reflects the following amounts of gross
income:
Wages $64,258
Interest 1,091
Other gains 5,280
Gross rents 15,982
Gross farm income 3,570
total $90,181
The couple's 1990 return also reflects the following tax
withholdings and expenditures:
Federal income tax withholdings $ 10,458.00
Social Security tax withholdings 4,962.43
State tax withholdings 4,082.18
Rental expenses 11,465.00
Farm expenses 65,219.00
Depreciable assets purchased 95,319.86
total $191,506.47
2It is unclear from the record who wrote the remaining
$6,529.29 worth of checks.
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Last modified: May 25, 2011