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During 1988, $367,895 was deposited into the Business
Account. Of this amount, $202,266 represented transfers from
Trust Account 1 and Trust Account 2. Petitioner reported gross
receipts of $327,852 on his 1988 Schedule C.
1989 Deposits
Respondent determined that during 1989 petitioner made
withdrawals from Trust Account 1 and Trust Account 2 totaling
$269,191. Respondent also determined that during 1989, $190,860
of these withdrawals was redeposited into Trust Account 1 and
Trust Account 2.
During 1989, $505,464 was deposited into the Business
Account. Petitioner reported gross receipts of $287,986 on his
1989 Schedule C.
1990 Deposits
During 1990, petitioner earned a fee of $100,000 for
representing Marvin Barron in certain legal matters. Of this
amount, $6,504 was deposited into the Business Account. Of the
remaining $93,496, $12,000 was deposited in the McGee Landscaping
Account, $40,000 was used to make a repayment on a loan owed by
petitioner, and $41,496 was used to make a repayment on another
loan owed by petitioner.
During 1990, $1,135,338 was deposited into the Business
Account. Petitioner reported gross receipts of $711,960 on his
1990 Schedule C.
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