Robert E. Iles and Monica M. Iles - Page 16

                                        -16-                                          

          1982.  SSI kept its books and records at SSI's headquarters,                
          where Robert had an office and worked on a daily basis.  SSI                
          maintained a comprehensive tax library.                                     
               2.  SSI's 1981 Undistributed Taxable Income                            
               For its fiscal year ended July 31, 1981, SSI received, and             
          deposited into the Structured Shelters bank account, $436,400 in            
          gross income, consisting of $374,000 from Chartered                         
          Representative Fees, $8,900 from setup fees, and $53,500 from               
          options.  SSI's deductible expenses for this fiscal year total              
          $252,663.06.  As a result, SSI's taxable income for this fiscal             
          year is $183,736.94.  In addition, during this fiscal year SSI              
          made $75,498.55 in payments to or for the benefit of its                    
          shareholders--$30,069.75 as to petitioners and $45,428.80 as to             
          Doyle.  As a result, SSI's undistributed taxable income for its             
          1981 fiscal year is $108,238.39.  Petitioners' 76-percent share             
          (Robert--52 percent, Monica--24 percent) of this amount is                  
          $82,261.18.                                                                 
               SSI's fiscal 1981 tax return is discussed infra S. Tax                 
          Returns.                                                                    
               3.  SSI's 1982 Undistributed Taxable Income                            
               For its fiscal year ended July 31, 1982, SSI had gross                 
          income of $6,371,589.  SSI's deductible expenses for this fiscal            
          year, plus SSI payments to or for the benefit of its                        
          shareholders, total $4,958,269.90.  As a result, SSI's                      





Page:  Previous  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  Next

Last modified: May 25, 2011