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False Information Submitted to Banks
During 1984 through 1988, petitioner submitted falsified
financial documents and falsified copies of his Federal income tax
returns that misstated his net worth and income to various banks and
other financial institutions.
Petitioner's Books and Records Relating to Expenses
For 1987 and 1988, petitioner’s records generally fail to
adequately establish and substantiate the nature and amount of
expenses that petitioner incurred.
Petitioner’s Federal Income Tax Returns
and Respondent’s Audits
On October 13, 1988, and on October 28, 1989, petitioner filed
his 1987 and 1988 Federal income tax returns on which petitioner
reported, among other things, the following:
1987 1988
Gross Receipts from Law Practice $232,438 $189,788
Business Interest Income 9,254 2,189
Less:
Cost of Goods Sold 17,201 49,596
Other Business Expenses 230,767 147,993
Net Business Loss ($ 6,276) ($ 5,612)
Other Income -- 32,326
Less Itemized Deductions -- 35,057
Net Tax Loss ($ 6,276) ($ 8,343)
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