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Federal Income Tax Returns
Petitioners’ 1994 Federal Income Tax Return
Petitioners filed Form 1040, U.S. Individual Income Tax
Return for 1994 (petitioners’ 1994 joint return), which they
signed on March 10, 1995. In that return, petitioners reported
taxable income of $837,210. Such taxable income did not include
any wages or salaries.
Petitioners’ 1994 joint return included Schedule C, Profit
or Loss From Business (1994 Schedule C). The 1994 Schedule C
requested, and petitioners provided, inter alia, the following
information:
Information Requested Information Provided
Name of proprietor Marvin L. Barmes
Principal business or profession, includ-
ing product or service Retail and wholesale,
general merchandise
Business name Barbara’s Gift Shop and
Barmes Wholesale
Employer identification number (EIN) 35-1305131
Business address 120 Main St, Vincennes,
IN 47591
Accounting method Accrual
Method used to value closing inventory Cost
Gross receipts or sales (gross receipts) $5,445,178
Returns and allowances 370
Cost of goods sold 2,820,049
Gross profit 2,624,759
Other income 106,567
Gross income 2,731,326
Total expenses 1,871,671
Expenses for business use of your home 0
Net profit or (loss) 859,655
Inventory at beginning of year 411,442
Purchases less cost of items withdrawn
for personal use 2,850,804
Cost of labor 0
Materials and supplies 0
Inventory at end of year 442,197
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