Nick and Helen Kikalos - Page 3

                                        - 3 -                                         
               All section references are to the Internal Revenue Code in             
          effect for the years in issue, and all Rule references are to the           
          Tax Court Rules of Practice and Procedure, unless otherwise                 
          indicated.                                                                  
                                  FINDINGS OF FACT                                    
               Some of the facts are stipulated and are so found.  We                 
          incorporate by reference the stipulation of facts, the three                
          supplemental stipulations of facts, and attached exhibits.                  
               Petitioners are husband and wife, who resided in Hammond,              
          Indiana, when the petition in this case was filed.  Petitioner              
          Nick Kikalos (Nick) was born in Greece in 1935 and came to the              
          United States in 1936.  He completed school through the eighth              
          grade.  Since 1971, Nick has operated Nick's Liquors, a                     
          cigarette, beer, and liquor store business, as a sole                       
          proprietorship.  During the years in issue, Nick's Liquors                  
          operated in three separate store locations in Hammond:  4702                
          Calumet Avenue (store No. 1), 5705 Hohman Avenue (store No. 2),             
          and 6914 Indianapolis Boulevard (store No. 3).  All three stores            
          had storage areas, and two of them had warehouse facilities.                
          A.  Petitioners' Gross Profit Margins                                       
               Nick maintained his office at store No. 1, and his wife,               
          Helen Kikalos (Helen), worked there for several hours each                  


               1(...continued)                                                        
          depreciation expenses of $39,301, $38,581, and $33,514 for the              
          respective years in issue; and the disallowance of a loss of                
          $9,707 on the sale of a rental house.                                       



Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011