- 10 -
for sale with a real estate agent, Mr. Bill Clements, and
sold the property on May 1, 1986.
Petitioner paid no dividends during any of the years
in issue. Petitioner paid no dividends after the close of
any of the taxable years in issue that could be eligible
for the election in section 563(b). Finally, petitioner
did not make a consent dividend pursuant to section 565
during any of the years in issue.
For Federal income tax purposes, petitioner computed
taxable income using the cash receipts and disbursements
method of accounting and the calendar year. Petitioner
filed timely returns on Form 1120, U.S. Corporation Income
Tax Return, for each of the years in issue, except for the
return for 1989, which was due on September 15, 1990, but
was not filed until August 12, 1991.
Petitioner's returns for 1989 through 1994 report the
following income, deductions, and taxable income:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011