- 10 - In 1990, Mr. Daimler and Ms. Mondragon maintained a personal bank account No. 854-646952 at NCNB of Texas in Wichita Falls, Texas (NCNB personal bank account). During 1990, they deposited $13,160.27 as “cash” or “misc.” into the NCNB personal bank account. Mr. Daimler and Ms. Mondragon did not include the amount of those deposits in their joint return for 1990 and have failed to show that such deposits were derived from a nontaxable source. During the taxable years ended January 31, 1990, January 31, 1991, January 31, 1992, and January 31, 1993, Dieter Electronics maintained a bank account No. 858-214645-8 at NCNB of Texas in Wichita Falls, Texas (NCNB corporate bank account). The bank statements and canceled checks from the NCNB corporate bank account were used to prepare the corporate returns of Dieter Electronics for those taxable years. Dieter Electronics overstated its “purchases” expense by $49,924, $42,796, $36,646, and $40 for the taxable years ended January 31, 1990, January 31, 1991, January 31, 1992, and January 31, 1993, respectively. Dieter Electronics overstated its cost of goods sold by $8,361 for the taxable year ended January 31, 1993. During the years 1989, 1990, 1991, and 1992, the German account earned interest in the amounts of $5,553, $3,936, $2,960, and $4,150, respectively. Mr. Daimler and Ms. Mondragon failedPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011