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Sources of Funds Tax Year: 1989
Interest income per return $145
Rental income per return 7,800
Rental income increase (herein) 600
Gambling winnings per return 23,298
Sch. C Reentries gross receipts
per return 3,260
Sch. C Reentries gr. receipts
increase (herein) 3,003
Reimbursement from New Horizons 11,700
NCNB acct #4319742 1/1/89 balance 9,998
Horse sale proceeds per return 2,500
Loan from mother 6,000
Credit card cash advances 2,597
Total $70,901
(i) During 1989, petitioner had the following
application of funds totaling $156,425:
Application of Funds Tax Year: 1989
Withholding credits per return $3,302
Sch. C Reentries purchases
per return 6,231
Sch. C Reentries purchases
decrease herein (271)
Sch. C Reentries expenses
per return 5,462
Sch. E expenses per return 4,200
Sch. E depreciation per return (1,677)
Loan to New Horizons 95,991
Personal expenses 38,180
NCNB acct #4319742 1/1/89 balance 5,007
Total $156,425
(j) For the year 1989, petitioner had unexplained
applications of funds in excess of sources of funds in
the amount of $85,524, which petitioner failed to
report on his fraudulent delinquent income tax return
filed for the taxable year 1989, all with the intent to
evade tax for the period.
(k) For 1989, petitioner failed to report bartered
rental income in the amount of $600, all with the
intent to evade tax for the period.
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Last modified: May 25, 2011