Jerry J. and Susan N. LeBouef - Page 10




                                       - 10 -                                         
          facts now postulated, it seems unlikely that the presentation of            
          information in petitioners’ Schedule C is the vehicle they would            
          have selected.                                                              
               Furthermore, the record is devoid of evidence which would              
          lend credence to petitioners’ purported reason for showing                  
          $244,270 of gross receipts in the first instance.  None of the              
          supposedly erroneous Forms 1099 have been produced.  Mr. Aulisio            
          even testified that he simply relied on the word of petitioners’            
          bookkeeper in determining the total amount, and he claimed to               
          have seen only one Form 1099 representing a small percentage of             
          the sum in question.  Significantly, the bookkeeper was not                 
          called as a witness, and we cannot assume that his or her                   
          testimony would have been favorable to petitioners.  In addition,           
          during examination of petitioners’ 1993 return and upon hearing             
          Mr. Aulisio’s explanation at that time, Ms. Nierich checked the             
          IRS records but could find no Forms 1099 issued to the sole                 
          proprietorship.                                                             
               In fact, the only documents in the record which petitioners            
          claim support their position are the combined annual reports of             
          LeBouef Company and LeBouef Company, Inc., for 1992 and 1993.               
          These items, however, are of little use to the Court since the              
          balance sheets, income statements, and cashflow statements                  
          included therein do not differentiate between the entities in               
          their presentation of financial data.  Also, we note that to the            






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011