- 4 -
income of $1,788, taxable dividend income of $182, a State income
tax refund of $605, and taxable pension income of $2,100.
Petitioners deducted a net loss from Jojoba Hawaii of $12,971,
which they reported on Schedule E, Supplemental Income Schedule,
as a partnership loss. Thus, petitioners reported total income
of $93,795 and a tax liability of $13,959.
On their joint 1983 Federal income tax return, petitioners,
in the same fashion, reported wages of $45,989 from petitioner
husband's employment and $29,145 from petitioner wife's
employment. Petitioners also reported interest income of $2,224,
a State income tax refund of $1,803, and a Schedule E net loss
from Jojoba Hawaii of $1,017. Thus, petitioners reported total
income of $78,144 and a tax liability of $7,515.
On their joint 1984 Federal income tax return, petitioners
likewise reported wages of $52,086 from petitioner husband's
employment, $30,145 from petitioner wife's employment, interest
income of $879, a loss on Schedule C, Profit or (Loss) From
Business or Profession, of $15,767 from a commercial fishing
activity, a Schedule F, Farm Income and Expenses, net farm loss
of $1,650, and a Schedule E loss from Jojoba Hawaii of $1,205.
Thus, petitioners reported total income of $64,488 and a tax
liability of $3,757.
On their joint 1985 Federal income tax return, petitioners
similarly reported wages of $57,059 from petitioner husband's
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011