- 5 - Mrs. Ortiz was not involved in her husband's wholesale used car business, R&X Auto Sales. Mr. Ortiz and R&X Auto Sales Mr. Ortiz was in the wholesale used car business and operated R&X Auto Sales. Most of his business involved purchasing automobiles at auctions and then selling them to dealers in Puerto Rico. This business required Mr. Ortiz to handle checks in amounts as high as $30,000. He occasionally sold used cars to local individuals. Mr. Ortiz deposited car payments from individuals into petitioners' personal bank account. He also deposited rent payments from Angels Transport into petitioners' personal bank account during 1991 and 1992. Angels Transport was a business that did mechanical work on some of petitioners' property in Orlando. Mr. Ortiz had a license that allowed him to purchase automobiles at auctions. As part of his business, he allowed other salesmen to purchase automobiles with his license. Mr. Ortiz charged the salesmen $100 for each car they purchased with his license. The salesmen would pay him for the price of the automobiles purchased in addition to the $100 fees. The money received from these buyers was included by respondent in determining the income of Mr. Ortiz for 1991 and 1992, and the price paid for the cars purchased by the buyers was included in cost of goods sold.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