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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:
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Last modified: May 25, 2011