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Year Prudential Other Omitted Income
1978 $3,839 -- $3,839
1979 41,502 -- 41,502
1980 87,009 -- 87,009
1981 103,994 $80,616 184,610
1982 157,778 70,538 228,316
1983 72,181 294,075 366,256
1984 75,048 822,840 897,888
1986 63,353 1,069,335 1,132,688
1987 66,867 132,322 199,189
1988 62,987 96,188 159,175
1989 79,665 42,332 121,997
For each of the years 1979 through 1989, Kanter filed
Federal income tax returns which reported adjusted gross income
and income tax paid as follows:
Adjusted Gross Income
Year Income (Loss) Tax Paid
1978 ($44,386) $1,671
1979 (105,084) --
1980 (155,026) --
1981 (53,614) --
1982 (287,536) --
1983 (819,449) --
1984 (804,482) --
1985 (954,695) --
1986 (1,529,213) --
1987 (2,004,257) --
1988 (1,340,459) --
1989 (1,331,576) --
Kanter paid no Federal income taxes during an 11-year
period, and only minimum tax in 1978 of $1,671. However, he did
pay self-employment tax for the years 1978 ($1,434), 1979
($1,855), 1980 ($2,098), and 1983 ($3,338).
Because respondent has shown by clear and convincing
evidence that Kanter, Ballard, and Lisle omitted income on their
Federal income tax returns for each of the years at issue,
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