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and wife. At the time they filed their petition in this case,
they resided in Cinnaminson, New Jersey.
Mr. Bacon is a high school graduate. He briefly attended
college as a part-time student where he completed courses in
Accounting I and II. Mrs. Bacon is a college graduate.
In 1980, Mr. Bacon purchased a bar/restaurant called the Jug
Handle Inn under the name of Radtam, Inc., a corporation
(Radtam). Mr. Bacon was the sole shareholder of Radtam during
the years in issue. The primary source of income for the Jug
Handle Inn during this time period was from the sale of food,
beer, and liquor. The Jug Handle Inn also derived revenue from
lottery sales.
Petitioners timely filed joint Federal income tax returns
for each of the years in issue. Petitioners reported adjusted
gross income on their Federal income tax returns for the years in
issue as follows:2
Adjusted
Year Gross Income
1988 $44,221
1989 90,840
1990 97,478
1991 99,117
Total 331,656
2See appendix A for details of reported income.
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