- 6 - Net Income of Beaufort Leaf Year Gaskins Pridgen Roberts Total 1988 $3,111.53 $3,111.53 $3,111.51 $9,334.57 1989 7,270.12 7,270.12 7,270.12 21,810.36 1990 15,734.87 15,734.87 15,734.86 47,204.60 1991 16,746.20 16,746.20 16,746.20 50,238.60 1991 10.11 10.11 10.11 30.33 42,872.83 42,872.83 42,872.80 128,618.46 For 1991, the second of the 2 years in issue, the above net income, $50,238.60, is composed of ordinary income from trade or business activity of $46,952.60 and interest income of $3,286. Beaufort Leaf's returns report the following with- drawals and distributions: Withdrawals and Distributions Year Gaskins Pridgen Roberts Total 1988 $11,414.60 $10,000.00 $10,546.70 $31,961.30 1989 3,111.53 3,111.53 2,500.00 8,723.06 1990 7,270.12 19,270.12 22,220.15 48,760.39 1991 32,481.07 20,481.07 16,746.20 69,708.34 1992 -0- -0- -0- -0- 54,277.32 52,862.72 52,013.05 159,153.09 Set out below is a summary of the income and deduc- tions reported on Beaufort Leaf's income tax returns for the years in issue, 1990 and 1991:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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