- 7 -
interest on $1,000 that he borrowed to pay for another person’s
car lease, $10,000 that he used to retire an obligation of
another person, and $5,000 to establish a trust for another
person.
D. Petitioner’s Income Tax Returns
Petitioner reported on Schedules C (Profit or Loss From
Business) attached to his Forms 1040 (U.S. Individual Income Tax
Returns) that, doing business as Financial Perspectives, he had
cash receipts of $155,584 for 1990, $118,745 for 1991, and
$151,152 for 1992, and business expenses (other than interest) of
$44,403 for 1990, $46,790 for 1991, and $52,993 for 1992.
1. 1990
For 1990, petitioner reported that he, through Financial
Perspectives, paid mortgage interest of $173,872 and other
interest of $68,209. He reported that he paid mortgage interest
in 1990 of $34,479 to State Savings Bank, $57,662.23 to County
Savings Bank, $25,005.96 to the Skidmores, $17,224.33 to an
unidentified lender for the second mortgage for the Utica Nursing
Home, and $39,500 to an unidentified lender for the first
mortgage for the Kirkersville Nursing Home.
2. 1991
For 1991, petitioner reported gross income of $118,745,
adjusted gross income of $21,316, deductions of $165,841
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011