- 126 -
Appendix C
SOURCE AND APPLICATION OF FUNDS
LARRY, RONNIE, & SYLVIA JOHNSON
1984
Larry Johnson
Source of Funds:
Schedule C gross receipts $20,500
Schedule E income (rental) 1,750
Interest income 647
First Union Bank accounts (estimated balance) 6,000
GMAC loan 10,015
Total source of funds 38,912
Application of Funds:
Schedule C expenditures $630
Expenditures adjusted per audit 10,596
First Union savings account ending balance 397
First Union CDs ending balance 6,236
First Union IRA-Larry 1,000
First Union IRA-Nancy 582
U.S Savings bonds purchases 7,500
Callahan Property payments 2,400
Allendale Property payments 14,500
Suburban purchase 17,257
Note payments 584
Personal living expenses for 4 persons 226,815
Less: Housing costs 2$4,426
Vehicle acquisition costs 22,389 (6,815)
Total application of funds 71,682
Excess of applications over sources of funds 1$32,770
1The source and application of funds analysis used for the
notice of deficiency (original S&A) reflects $9,000 for this item
and reflects an excess of applications over sources of funds of
$37,270. The parties agree that the correct amount for this item
should be $4,500. Respondent now contends that the excess of
applications over sources of funds is $32,770.
2Petitioners do not agree with the amounts reflected for
these items.
Page: Previous 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 NextLast modified: May 25, 2011