- 11 -
7. The 004 Account
The Friscias deposited $15,000 in a bank account numbered
252981004 (the 004 account) in 1994. Respondent concedes that
these were proceeds from a nontaxable loan.
8. Summary of 1994 Income
In sum, the deposits into the Friscias’ seven bank accounts
in 1994 reflect the following amounts of income taxable to the
Friscias in 1994:
Account Income
591 $14,175
649 9,676
533 33,645
864 167
898 1,135
522 24,178
004 - 0 -
-------
Total 82,976
The Friscias reported gross receipts of $54,760 in 1994, as
follows:
Wages less withholding1 $8,630
Interest 201
Schedule C receipts 4,825
Other income 3,700
Schedule D sale 405
Rental income 22,000
Mik Mic proceeds2 15,000
------
Total 54,761
1The amount withheld is netted from wages because these
amounts would not have been deposited into the Friscias’ accounts.
2Respondent concedes that the Friscias reported $15,000
in proceeds from Michael Friscia’s construction business on the
Mik Mic income tax returns in 1994.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011