- 6 - (1) Whether petitioners Yoshinori Takao (Yoshinori) and Akiko Takao (Akiko) (hereinafter collectively referred to as the Takaos) received unreported taxable income in the amounts of $122,483, $75,421, $114,935, and $109,094 for 1988, 1989, 1990, and 1991, respectively, as shown by unexplained bank deposits made by them during those years. We hold that they received unreported income in the amounts decided herein. (2) Whether the Takaos received additional unreported income in the amounts of $9,000 and $58,320 for 1988 and 1989, respectively, as shown by certain cash purchases made by them during those years. We hold that they received additional unreported income in the amounts decided herein. (3) Whether the Takaos are entitled to investment interest deductions in the amounts of $55,320, $38,355, $30,000, and $13,850 for 1988, 1989, 1990, and 1991, respectively. We hold that they are not. (4) Whether the Takaos are liable for an addition to tax for late filing under section 6651(a) for 1988. We hold that they are. (5) Whether the Takaos are liable for an addition to tax for negligence under section 6653(a)(1) for 1988 and accuracy-related penalties for negligence under section 6662(a) for 1989, 1990, and 1991. We hold that they are.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