- 15 - Income from Income Adjusted Interest Sch. E Capital from Misc. Gross Year Income Loss Gains Gambling Income Income 1983 $392 - - $25,000 - $32,124 1984 647 ($81) - - - 8,675 1985 639 (201) - 10,000 - 19,205 1986 428 (1,709) - - - 8,614 1987 144 (1,242) - - - 8,773 1988 52 (2,234) - - - 11,954 1989 2,059 (3,418) - - - 19,154 1990 2,770 1(7,704) $2,608 - $215 19,046 1$2,130 of the Schedule E loss for 1990 was from Johnson’s Limousine Service, Inc. 3. Ronnie’s Returns Ronnie and Linda filed joint Federal individual income tax returns for 1985 through 1990. Ronnie and Linda claimed exemptions for themselves and no exemptions for dependents on those returns. The 1985 return was the first tax return Ronnie filed. Ronnie and Linda filed Schedules C with their returns reporting income from a palmistry business.8 The Schedules C reported the following gross receipts, expenses, and net income from the palmistry business: 8 The Schedule C for 1985 listed Ronnie as the proprietor of the palmistry business, and the Schedule SE identified Ronnie as the self-employed person. The Schedules C for 1986 through 1990 listed Ronnie and Linda as the proprietors, and they filed separate Schedules SE for each of those years on which the Schedule C income was divided equally between Ronnie and Linda. No business name was given for the palmistry business on any of the Schedules C. Ronnie did not testify at trial.Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011