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petitioners claimed deductions provided by section 221(a)
for two-earner married couples.
Petitioners filed no Federal income tax return for
taxable years 1986 through 1993. They made the following
estimated tax payments for those years:
Year Estimated Tax
1986 $34,700
1987 36,000
1988 36,000
1989 36,000
1990 40,046
1991 48,000
1992 24,000
1993 12,000
Returns of London's Cafe, Inc.
Mr. Silverstein prepared returns on Forms 1120, U.S.
Corporation Income Tax Return, for London's Cafe, Inc.,
for taxable years 1976 through 1985. For each of those 10
years, London's Cafe, Inc., reported zero taxable income.
The following schedule summarizes the amounts reported on
behalf of London's Cafe, Inc.:
1976 1977 197819791980 198119821983 19841985
Gross receipts$63,052$66,650$56,807$52,236$52,385$54,777$55,654$63,989$66,146$77,369
Cost of goods32,87534,99243,59641,06940,93243,34242,96651,03653,98262,769
Gross profit30,17731,65813,21111,16711,45311,43512,68812,95312,16414,600
Total deduction30,84034,50613,75711,55210,87810,04911,43511,42410,79712,584
Taxable income before(663)(2,848)(546)(385)575 1,3861,2531,5291,3672,016
certain deductions
Net operating loss deduction -- -- -- -- 575 1,386 1,253 1,529 1,367 2,016
Taxable income (663) (2,848) (546) (385) -- -- -- -- -- --
The returns were signed by the following individuals:
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