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Summary of Income Tax Changes by Notice of Deficiency
and Agreed Computation of Deficiencies
Adjustments to Income-- Years Ending
Notice of Deficiency 12/31/88 12/31/89 12/31/90
A. Agreed item--adjustment to
income from the Houston firm $4,593
B. Schedule F income
(cattle feeding business) 46,000
C. Schedule F expenses
(cattle feeding business) 9,803
D. Schedule E passive activity loss
(loss from condominiums) 1,827 $1,305 $660
E. Income
(payments by the Houston
firm of partnership interest) 304,649 552,218 617,482
F. Whipsaw adjustment to income
(related to income from the
Houston firm) (166,667)
G. Partnership expense (claimed
as offset to petitioner's
income from the Houston firm) 140,935
H. Other gains and losses
(from sale of airplane) (17,403)
I. Constructive dividend
(life insurance proceeds) 190,943
J. Schedule C expenses (disallowed
expenses attributable to
Corpus Christi office) 208,570 61,267
K. Schedule K-1 1120S flow-through
(disallowed expenses from
professional corporation) 54,929
L. Capital gains and losses (disallowed
capital loss carryover and losses
claimed for worthless stock in
Cooper's Alley & Compuprint and
disallowed capital gains claimed
for sale of partnership interest
in the Houston firm) 3,000 (314,272) (535,018)
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