- 7 -
1989 1990 1991 1992 1993
Income:
Legal fees
Gentile case $2,030,341 $5,774,602 $100,000 $4,662,680 -0-
Other cases1 309,380 8,156 20,725 -0- $30,525
Total 2,339,721 5,782,758 120,725 4,662,680 30,525
Dividends 9,993 23,966 149,875 202,378 30,746
Interest 140,267 108,551 11,571 18,635 8,641
Business prop. sales 164 75 -0- -0- -0-
Client costs reimb. -0- -0- -0- 26,474 -0-
Mediation fees 3,000 2,250 -0- -0- -0-
Total income 2,493,145 5,917,600 282,171 4,910,167 69,912
Deductions:
Officer compensation 2,151,666 1,690,834 $2,000,000 $4,650,000 $1,750,000
Secretary's compens. 107,932 145,920 102,090 108,580 66,040
Rents 23,140 13,820 12,780 12,780 12,780
Taxes 21,036 104,800 119,995 30,196 11,898
Interest -0- -0- 215 -0- -0-
Depreciation 5,437 2,974 4,135 8,535 7,816
Officer pension plans 88,900 56,089 97,106 101,990 27,678
Employee benefits 13,262 13,037 12,227 13,639 14,528
Client/contract service -0- 20,889 -0- 6,000 4,500
Seminars & publications 3,364 2,988 1,844 2,500 2,124
Insurance 7,199 7,979 10,050 9,435 9,906
Office 6,478 17,151 427 3,730 4,156
Postage 1,830 1,158 1,686 1,176 2,188
Professional fees 8,661 14,797 36,372 12,881 22,033
Entertainment 32,450 26,021 19,556 16,976 6,624
Telephone 4,950 3,320 4,201 4,599 3,078
Vehicles 11,419 12,356 10,387 8,643 7,364
Tuition 5,250 5,677 5,000 -0- -0-
Reimbursements -0- -0- -0- -0- (36,262)
NOL carryover from 1988 170 2,091 -0- -0- -0-
Special deduction -0- -0- -0- 92,315 11,454
Total deductions 2,493,144 2,141,901 2,438,071 5,083,975 1,927,905
Taxable income (loss) -0- 3,775,699 (2,155,900) (173,808) (1,857,933)
Total Tax -0- 1,283,738 -0- -0- -0-
1 Most (if not all) of these fees for 1989 are attributable to a cause of action alleged
in the Gentile case but treated by petitioner as unrelated to the Gentile case.
In 1992, petitioner carried the 1991 loss back to 1990 and
received a refund of $733,006 (and a corresponding abatement of
an estimated tax penalty). In 1993, petitioner carried the 1992
loss back to 1990 and received a refund of $59,095 (and a
corresponding abatement of the estimated tax penalty).
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