- 5 -
1989 1990 1991 1992
Gross receipts $7,066 $344 $10,582 -0-
Car and truck 297 -0- -0- -0-
Depreciation 2,598 2,598 2,598 $2,598
Insurance 1,476 -0- -0- -0-
Mortgage interest 34,043 32,333 5,071 13,081
Other interest -0- -0- 29,674 -0-
Legal and profess. 460 -0- 356 206
Repairs and maint. 524 -0- -0- 60
Taxes 5,834 5,860 5,981 6,183
Utilities 1,621 -0- 1,083 1,578
NOL carryover 38,172 66,605 -0- 33,726
Donation 12 -0- -0- -0-
Licenses 26 -0- -0- -0-
Total expenses 85,063 107,396 44,763 57,432
Net loss 77,997 107,052 34,181 57,432
Respondent audited petitioner for the subject years and
analyzed his bank accounts as part of the audit. On the basis of
that analysis, respondent determined that petitioner had
unexplained deposits of $10,702, $59,068, $34,703, $93,912, and
$11,732 in the respective years, all of which respondent
characterized as self-employment income. Respondent determined
that petitioner should have reported this income for the
respective years and reflected in the notices of deficiency a
corresponding adjustment as well as other adjustments.
Respondent’s adjustments to taxable income were as follows:
1989 1990 1991 1992 1993
Self-empl. inc. $10,702 $59,068 $34,703 $93,912 $11,732
Self-empl. exps.1 84,740 107,395 44,407 -0- -0-
Self-empl. ded. -0- (3,889) (3,174) (4,684) (829)
Itemized deds. (39,753) (43,211) (58,781)
Standard ded. 5,200 5,450 2,850 (3,000) (3,100)
Personal exemp. -0- -0- -0- (1,380) (2,350)
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011