- 11 - income calculation. Mr. Keller’s conclusion was based on his determination that: (1) Petitioners maintained inadequate records as to their income and expenses, (2) petitioners appeared to be living a lifestyle that did not comport with their reported income, and (3) respondent had received the STRs as to petitioners. For purposes of the notice of deficiency, respondent determined petitioners’ income using the net worth method (the same method used by Mr. Keller). Respondent’s notice of deficiency lists that petitioners’ net worth, increase in net worth, total net worth, and personal living expenses were as follows for the related years: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