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Sylvia Johnson
Source of Funds:
Schedule C gross receipts $12,350
Gambling income 1,727
Interest income 29
Sun Bank savings account 1,154
Trade in for Corvette (1985) 15,000
First Union Bank loan 36,287
Winnings from gambling activities 12-23-88 38,550
Total source of funds 105,097
Application of Funds:
Schedule C deductions 5,650
Sun Bank savings account 946
U.S. Savings Bonds purchases 200
Cash for gambling 38,550
Net gambling losses 8,350
Personal expenses--COMPS (1988) 1,697
Note payments for Corvette (1985) 3,502
Payoff of note for Corvette 5,618
Porsche 928 purchase (1988) 61,287
Note payments for Porsche 4,880
Birthing costs-Nicole Johnson 12,500
Withholding on gambling winnings (estimated) 1345
Personal living expenses for 2 persons 126,350
Less: Vehicle acquisition costs 1(2,581)
Total application of funds 157,294
Excess of applications over sources of funds $52,197
1Petitioners do not agree with the amounts reflected for
these items.
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