- 3 -
Petitioners filed their 1991 income tax return on January 8,
1993, and their 1992 and 1993 income tax returns on May 11, 1994.
Petitioners did not file extensions to file their income tax
returns for any of the years in issue.
Petitioners failed to report interest income earned from
their bank accounts in the amounts of $1,201, $932, and $433, for
their 1991, 1992, and 1993 taxable years, respectively.
Petitioners had unreported rental income in the amounts of
$14,842, $7,472, and $14,405 for their 1991, 1992, and 1993
taxable years, respectively. In 1993, petitioners received a
portion of the unreported rental income from the rental of their
residence at 5260 Maymont Drive, Los Angeles, California.
Petitioners had unreported Schedule C income of $12,780,
$51,858, and $58,608, for their 1991, 1992, and 1993 taxable
years. Respondent estimated and allowed Schedule C expenses in
the amounts of $14,218, $38,526, and $39,524, for petitioners'
1991, 1992, and 1993 taxable years, respectively; respondent's
estimate, which was based on a percentage of petitioners' gross
receipts, was required due to petitioners' failure to keep
adequate records to substantiate their claimed Schedule C
expenses.
Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011