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Petitioners were married during 1992 and 1993. They were
divorced in 1996. During 1992 and 1993, petitioner Darryl
Bundridge worked full time as a Los Angeles Police Officer.
During 1991 and 1993, petitioner Melonee Bundridge worked at
Atchison Topeka & Santa Fe Railway.
In 1989, petitioners started their Schedule C business,
known as Hi Fidelity Record (also known as High Fidelity
Records). Hi Fidelity Record sold records, cassette singles,
cassettes, compact discs, batteries, and blank cassette tapes in
the retail market in Rialto, California. As of January 1992,
petitioners operated the business out of rented space from Hub
Properties. Later, on April 29, 1992, they relocated to Rialto
Discount Mall.
Petitioners bought their supply of records, cassettes, and
compact discs from Abbey Road Distributors (Abbey Road), which
was located in Los Angeles, California. Petitioners made these
purchases at Abbey Road's pickup counter in Los Angeles and paid
for them mainly in cash.
Petitioners filed a U.S. Individual Income Tax Return, Form
1040, for the taxable year 1992. On Schedule C, Profit or Loss
From Business, of their 1992 return, petitioners reported the
following in regard to Hi Fidelity Record:
Gross Receipts: $6,100
Expenses:
Advertising 125
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