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(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 contends
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