- 12 -
12/31/86 12/31/87 12/31/88 12/31/89
Bank accounts $19,422 $3,369 $5,256 $1,707
Investments 113,330 111,401 109,249 115,814
Boats and automobiles 115,345 95,149 250,089 250,089
Real estate 39,700 45,450 45,450 45,450
Rental properties 884,009 933,581 998,066 1,206,032
Total assets 1,171,806 1,188,950 1,408,110 1,619,092
Total liabilities (877,013) (839,854)(1,000,991)(1,122,085)
Net worth 294,793 349,096 407,119 497,007
Prior year’s net worth (294,793) (349,096) (407,119)
Increase in net worth 54,303 58,023 89,888
Personal living expenses 24,319 45,392 20,396
Personal losses 10,196
88,818 103,415 110,284
Nontaxable items (3,380) (2,546) (462)
Corrected adjusted gross income 85,438 100,869 109,822
Adjusted gross income per return (38,335) (37,386) (51,229)
Understated adjusted gross income 47,103 63,483 58,593
The understated adjusted gross income amounts led to the subject
deficiencies. As to the understated amounts, the parties agree
that $17,890, $22,813, and $20,881 for 1987, 1988, and 1989,
respectively, are attributable to Lake Michigan Heights and
Bridge Street, and only those amounts are understatements
attributable to those properties. Respondent asserts that the
remaining understatements of $29,213, $40,670, and $37,712,
respectively, are attributable to Nanny’s. As we understand
respondent’s position as to the unreported income attributable to
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