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Partnership Adjustments - Contested by
Petitioners (Stores 4, 5, and 7): 1989 1990 1991
Unexplained bank deposits $146,609 $266,352
Depreciation recapture on Store 5 $170,267
Depreciation of videos 12,951 (35,958) (41,429)
Total adjustments to partnership income$159,560 $230,394 $128,838
Petitioner's one-half interest in total
partnership adjustments $ 79,780 $115,197 $ 64,419
Individual Adjustments:
Contested by Petitioners:
Unexplained bank deposits $117,514
Rental income 1,891
Depreciation of videos 359 $ 48,209
Repair and maintenance expenses $ 893 3,486 1,020
Conceded by Petitioners or
Mechanical Adjustments:
State tax refund 240 443
Rental interest paid 2,453
Rental depreciation 3,540 3,540 3,540
Capital gains/losses (298)
Self-employment tax deduction (3,924) (1,076)
Itemized deductions (3,964) (4,454) 1,662
Exemption adjustment 387
Corrected individual adjustments
before partnership adjustments $ 2,922 $118,652 $ 53,887
Total combined individual adjustments to
taxable income and to petitioner's one-half
interest in total partnership income
adjustments $ 82,702 $233,849 $118,306
Fraud (1989 and 1990) Penalties, Accuracy-
Related Penalty, and Additions to Tax
For 1989, 1990, and 1991, petitioners untimely filed their
joint Federal income tax returns.
Petitioners reported on their 1989, 1990, and 1991 joint
Federal income tax returns the following taxable income:
Year
1989 1990 1991
Reported taxable income -0- -0- $22,967
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