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(1) Whether expenses incurred by Mrs. Thorpe related to travel
and entertainment at various trade shows and conventions were
properly deducted in the years at issue by Edward E. Thorpe & Co.
(ETCO) for the fiscal years June 30, 1990, 1991, and 1992; (2)
whether amounts received as rental payments in 1990, 1991, and
1992 by Mr. and Mrs. Thorpe from ETCO were excessive and should,
in part, be characterized as constructive dividends received by
Mr. and Mrs. Thorpe; (3) whether amounts remitted by ETCO by
check to an insurance company were deductible where no check was
presented for payment by the insurance company; (4) whether
premiums paid by ETCO for various life and disability insurance
policies were properly deducted as expenses during the fiscal
years June 30, 1990, 1991, and 1992; (5) whether expenses related
to the use of two leased automobiles were properly deducted in
the years at issue by ETCO; (6) whether alleged "advance"
payments from ETCO to Mr. and Mrs. Thorpe are includable in Mr.
and Mrs. Thorpe's income for the years in issue; (7) whether
amounts paid to Edward E. Thorpe, Jr., the son of Mr. and Mrs.
Thorpe, must be included in Mr. and Mrs. Thorpe's income in 1990;
1(...continued)
year ended June 30, 1990, which amount was disallowed in
computing the net operating loss carryover to the fiscal year
ended June 30, 1991; (2) ETCO is entitled to deductions for
equipment rental fees paid to R.W. Nichols in the amounts of
$5,804, $4,183, and $5,744 for fiscal years ended June 30, 1990,
1991, and 1992, respectively; and (3) ETCO is entitled to
deductions for "dues and publications" in the amounts of $100 and
$125 for fiscal years ending June 30, 1990 and 1992,
respectively.
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