- 3 - and designed and managed rubbish removal and recycling programs. Omega was also involved in farming activity on approximately 1,400 acres of land leased from the Christian Boys Ranch, Inc. (CBR). From 1990 through 1995, petitioners reported passthrough income from Omega on Schedules E, Supplemental Income and Loss, attached to their individual income tax returns as follows: Year Net Income 1990 $52,303 1991 57,867 1992 51,437 1993 217,787 1994 483,949 1995 660,375 For the same period Robert O’Connor (petitioner) reported wages as follows: Year Amount 1990 $40,900 1991 52,869 1992 47,394 1993 50,390 1994 53,618 1995 46,894 Petitioners organized CBR under the nonprofit laws of the State of California on June 24, 1982. CBR is a section 501(c)(3) corporation for tax reporting purposes. Petitioner has served on CBR’s board of directors and as its president since its incorporation in 1982. Karen O’Connor has also served on CBR’s board of directors and as CBR’s vice president and secretary-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