- 4 - he and Mr. Roach worked together, but he estimated that they jointly performed about 10 installations. Petitioners maintained two checking accounts with Regions Bank throughout 1996. Although one account was denominated a “personal” account and the other a “business” account, petitioners commingled income from Mr. Sasser’s business between the two accounts, and they utilized the personal account for most of their financial transactions. In 1996, petitioners made total deposits of $29,096 to the personal account and total deposits of $1,518 to the business account. In 1996, Mrs. Sasser received wages net of withheld taxes in the amount of $17,267. In 1996, petitioners received a refund of Federal income tax for the taxable year 1995 in the amount of $1,730. The refund was not deposited in either of petitioners’ checking accounts. In December 1996, petitioners obtained a cash advance from a credit card company in the amount of $1,500. During 1996, Mrs. Sasser deposited amounts received from her brother in petitioners’ personal checking account. Mrs. Sasser’s brother, who lived next door to petitioners, was a construction worker who did not have a checking account, and he was not financially responsible. Mrs. Sasser then paid certain of her brother’s bills by issuing checks drawn on petitioner’s personal checking account. Mrs. Sasser received approximately $300 perPage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011