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Petitioner's Returns 1989 1990 1991 1992 1993 1994
Interest $137,367.70$128,743.28$124,298.52$119,573.90$114,634.00$111,817.00
Gross rents 52,572.0053,715.0052,292.2648,633.0042,775.0045,200.00
Capital gain net income (Schedule D)20,546.4259,739.599,508.2310,364.3411,279.0012,851.00
Net gain or (loss from Form 4797)38,532.43-0- -0- -0- -0- -0 -
Total income 249,018.55242,197.87186,099.01178,571.24168,688.00169,868.00
Compensation of officers68,895.0028,900.00-0- -0- 4,100.00 39,000.00
Salaries and wages 36,000.0038,250.0039,750.0039,750.00-0-
Repairs 3,401.813,842.12972.32 2,043.20825.87 4,570.92
Taxes 17,016.387,076.7624,427.678,651.6614,537.4118,660.02
Interest 26,730.8119,606.9918,450.488,136.203,963.54 15,497.83
Depreciation 29,389.4424,033.6820,474.7223,520.0725,867.5823,702.00
Other deductions
Auto expense 1,754.34868.65 1,177.591,417.001,456.29 177.50
Electricity 93.20 -- -- -- -- --
Insurance 1,484.601,980.401,904.001,699.001,913.00 2,827.00
Labor 3,247.477,578.466,031.705,869.006,698.33 5,582.50
Legal and accounting 3,363.5050.00 3,000.002,095.501,500.00 1,558.00
Miscellaneous 377.95 -- 2,390.00627.311,321.69 78.76
Supplies 41.92 -- 50.53 389.10171.53 231.24
Telephone 394.88 360.47 282.79 394.99517.09 705.50
Yard work 2,779.982,475.002,700.003,589.962,847.92 2,745.27
Management fees -- -- -- -- -- 5,100.00
Contribution -- -- -- -- -- 415.00
Total deductions 158,971.28132,772.53120,111.8098,182.99105,470.25120,851.54
Taxable income 90,047.27109,425.3465,987.2180,388.2563,217.7549,016.46
Except for small amounts paid by a bank and by the
Internal Revenue Service, the interest income reported by
petitioner consists of interest paid on promissory notes
accepted by petitioner to finance its sale of various
parcels of real property. We refer to these obligations as
purchase money obligations. Set out below is a schedule of
the interest income reported by petitioner during the years
1989 through 1994, showing the payor of the interest and
the property with respect to which the interest was paid:
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Last modified: May 25, 2011