Theron R. Livingston, Sr. - Page 5




                                         - 5 -                                          

          injury cases in connection with the accident.  Their net                      
          settlement proceeds were as follows:                                          
                    Theron Livingston, Sr.         $3,333                               
                    Michelle Livingston            3,523                                
                    Itesha Livingston               667                                 
                    Total                     7,523                                     
               On or about August 10, 1990, petitioners used these                      
          settlement proceeds to purchase a 1988 Alfa Romeo Milano in the               
          name of petitioner wife.  Of the $10,547 total purchase price,                
          they paid $7,547 cash and financed the balance.                               
               For taxable year 1989, petitioner husband filed no Federal               
          income tax return, and petitioner wife filed a Federal income tax             
          return with a filing status of married filing separately,                     
          reporting wages of $12,290.  For taxable year 1990, petitioners               
          filed a joint Federal income tax return.  The Schedule C, Profit              
          or Loss From Business, included as part of the 1990 joint return              
          reported $10,300 gross receipts and $632 net income from                      
          petitioner husband’s disc jockey business.  Petitioners’ 1990                 
          joint return also reported petitioner wife’s wages of $12,356.                
               On June 11, 1994, petitioner husband signed a plea agreement             
          in which he agreed to plead guilty to income tax evasion pursuant             
          to section 7201 for taxable year 1990 and to a May 1993 offense               
          for distribution of cocaine base.  Petitioner husband was                     
          sentenced to 60 months of incarceration on the tax evasion count,             







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  Next

Last modified: May 25, 2011