- 8 - (including $119,051 for interest payments), and a loss of $47,096. 3. 1992 For 1992, petitioner reported gross income of $151,152, adjusted gross income of $28,009, deductions of $239,898 (including $119,079 for mortgage interest payments and $67,826 for other interest), and a $88,746 loss. He reported paying mortgage interest for 1992 of $45,878.78 to County Savings Bank, $16,700.58 to Williams, $24,003.01 to the Skidmores, $29,211.14 to State Savings Bank, and $3,285.55 to 5th Third Bank. 4. 1993 and 1994 Petitioner filed his Federal income tax return for 1993 on November 21, 1994, and for 1994 on October 19, 1995. On the Schedules C for Financial Perspectives, petitioner reported the following: 1993 Income Expenses Total cash receipts $149,213 Total business expenses (other than interest) 60,159 Mortgage and other interest1 180,583 1994 Total cash receipts 140,302 Total business expenses (other than interest) 59,093 Mortgage and other interest2 180,625 1 On his 1993 Schedule C for Financial Perspectives, petitioner reported paying mortgage interest of $45,190.03 to County Savings Bank, $23,415.55 to State Savings Bank, $23,140.65 to the Skidmores, $16,328.84 to Williams, and $2,244.48 to Park National Bank and other interest of $72,508. Petitioner contendsPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
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