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following reason why the extension was needed: "[t]he
taxpayer's C.P.A. has currently been experiencing an
extremely heavy workload. Although additional staff have
been employed, they have been unable to complete all
returns."
On or about October 17, 1989, petitioners filed their
joint individual income tax return for 1988 on Form 1040,
U.S. Individual Income Tax Return. They paid $101,093 with
the return. This amount consists of total tax of $96,418,
less Federal income tax withheld of $1,408, plus a penalty
for underpayment of estimated tax reported on Form 2210,
Underpayment of Estimated Tax by Individuals and
Fiduciaries, in the amount of $6,083.
On the Schedule E, Supplemental Income Schedule, filed
with their return, petitioners reported net income from the
Houston firm in the amount of $120,374, consisting of the
income reported on the Schedule K-1 sent by the firm to
Mr. Harrison, $261,309, less aggregate expenses of
$140,935. On the Schedule F, Farm Income and Expenses,
filed with their return, petitioners reported net farm
profit of $287,789 from the cattle feeding business.
Petitioners' 1988 return included a Form 6252,
Installment Sale Income, and a Form 8308, Report of a Sale
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