- 44 -
proves otherwise by a preponderance of the evidence. Sec.
6653(b)(2).
Corrected Income and Deductions for 1987 and 1988
The following schedules reflect for 1987 and 1988 our findings
and conclusions as to petitioner's correct total income and
deductions including income previously reported by petitioner and
deductions previously allowed by respondent:
Items of Income for 1987
Description Amount
Conceded Bank Deposits $234,453
Conceded Checks Made Payable to Petitioner 20,311
Bank Deposits Relating to Payne & Potter 12,826
Miscellaneous Bank Deposits and Other Checks 16,932
Cash Withdrawals from the Club 6,721
Total $291,243
Deductions Allowed for 1987
Description Amount
Allowed Business Deductions:
Business Interest $32,063
Depreciation/Lakeway 4,890
Miscellaneous 48,870
Allowed Itemized Deductions:
Mortgage Interest 15,965
Taxes 2,697
Nonbusiness Bad Debt Relating to Guaranty 3,000
Total $107,485
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