- 6 - Roy, Inc. purportedly acquired the Rolls Royce4 as a promotional tool to obtain referral business from cardiologists and hospitals. However, because of the downturn in the economy during the early 1990's, it was determined that it would be inappropriate to "showcase the Rolls Royce" while seeking referrals from doctors who had declining income. Consequently, the Roys decided that Roy, Inc. should dispose of the Rolls Royce, although the corporate petitioner did not do so during the years in issue. The Rolls Royce was driven sparingly by Mohan Roy during the years in issue. The odometer readings on the Rolls Royce on various dates were as follows: Date Odometer Reading July 21, 1990 150 Oct. 1, 1991 2,023 July 13, 1993 4,581 July 22, 1994 5,152 Nov. 17, 1994 5,226 Occasionally Mohan Roy used the Rolls Royce for commuting to work from home, attending hospitals to visit patients or perform surgeries, or having the car serviced (twice per year) or generally maintained. When not in use, the Rolls Royce was garaged at the Roys' residence. Mohan Roy generally drove the Lexus 400 to commute to work and to perform medical services. The tax returns for the individual 4 The Rolls Royce was purchased for $159,837.19, which was paid in part by trading in a 1979 Rolls Royce and receiving a $38,000 credit.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011