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M. Itemized deductions (17,074) 64,884 16,742
Total adjustments per
notice of deficiency: 493,733 686,245 49,395
Taxable income per return: 319,525 82,640 438,332
Adjusted taxable income
per notice of deficiency: 813,258 768,885 487,727
Adjustments to Income--Agreed
Computation of Deficiencies
A. Income
(various capital losses from
Cooper's Alley & Compuprint allowed) (178,305) (158,020) (76,918)
B. Partnership expenses (87,447)
C. Constructive dividend (190,943)
D. Schedule C expenses (41,978) (16,258)
E. Schedule K-1 1120S flow-through (6,769)
F. Capital gains and losses -- -- --
G. Itemized deductions 59,804 25,665 7,817
Total adjustments per
agreed computation: (205,948) (365,276) (92,128)
Total taxable income as revised: 607,310 403,609 395,599
OPINION
The addition to tax under section 6651(a)(1) applies
in the case of a failure to file any return "on the date
prescribed therefor (determined with regard to any
extension of time for filing)". Sec. 6651(a)(1). As
stated above, petitioners' liability for the additions
under section 6651(a)(1) that were determined by respondent
for 1988 and 1989, turns on whether petitioners'
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