ABC Rentals of San Antonio, Inc., et al - Page 5

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          was granted S corporation status.  For the tax period ending                
          December 31, 1987, and the tax year ending December 31, 1988, ABC           
          was a non-TEFRA subchapter S corporation, and all of ABC's                  
          adjustments flowed through to its sole shareholder, John P.                 
          Parsons, and are reflected in the deficiencies shown in docket              
          No. 20691-91.                                                               
               On January 27, 1992, these cases were consolidated.  These             
          consolidated cases were submitted without a trial pursuant to               
          Rule 122.                                                                   
               At the time the petitions were filed in these cases,                   
          Guaranteed and ABC (hereinafter sometimes collectively referred             
          to as the Entities or individually referred to as an Entity) were           
          corporations incorporated in the State of Texas with their                  
          principal offices located in Wichita, Kansas.  During the taxable           
          periods in controversy, Guaranteed and ABC were accrual basis               
          taxpayers.                                                                  
               For the fiscal year ending May 31, 1987, ABC timely filed              
          its Federal corporate income tax return.  ABC timely filed a                
          valid subchapter S election, and the election was granted                   
          effective June 1, 1987.  Guaranteed timely filed its Federal                
          corporate income tax return for an S corporation for the calendar           
          year ending 1987, and ABC timely filed its Federal corporate                
          income tax return for an S corporation for the short taxable                







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