- 3 - in the amounts of $52,456, $60,970, $74,925, and $79,360, re- spectively. On January 24, 1995, petitioner and Biddle executed what purported to be a contract which was entitled "CONTRACT BETWEEN TRADESMAN/LABORER/CRAFTSMAN AND PROPERTY OWNER". That document stated in pertinent part: In the absence of "real" money (commodity money), the TRADESMAN [petitioner] offers to trade his property at the rate of _________ Federal Reserve Notes (FRN's) for each hour of labor expended on behalf of the PROPERTY OWNER [Biddle]. The TRADESMAN does not receive the FRN's as equal trade value for his property, but for the potential opportunity to trade said FRN's for something of actual value. However, the PROPERTY OWNER is immediately, upon receipt of the FRN's by the TRADESMAN, relieved of any further obligations to the TRADESMAN for the labor for which said FRN's were given. * * * * * * * TRADESMAN is specifically NOT the employee of the PROPERTY OWNER, nor is he an "independent contractor". During 1992 and 1993, petitioner received taxable interest income from Great Western Bank in the amounts of $149 and $88, respectively. During 1992, he also received self-employment income from NTS Sabal Golf Villas in the amount of $181. Biddle and the other payors of income to petitioner during the years at issue reported the payment of such income to the Internal Revenue Service (Service). Petitioner made estimated tax payments for 1992 in the amounts of $1,800, $2,000, and $2,500 on April 20, 1992, June 20, 1992, and September 23, 1992, respectively. Petitioner made noPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
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