- 7 - Under the other variation of the analysis, respondent contends that Mr. Sasser had at least $6,730 of unreported income in 1996: Deposits to personal account $29,096 Less: Mrs. Sasser’s net wages -17,267 Balance 11,829 Less: Dec.‘96 credit card advance - 11,500 Balance 10,329 Less: Deposits attributable to Mrs. Sasser’s brother -13,600 Unreported gross receipts 6,729 1If proven Neither variation of respondent’s bank deposits analysis takes into account the $1,730 tax refund that petitioners received in 1996. This “omission” is appropriate because the refund was not deposited in either of petitioners’ checking accounts and therefore need not be accounted for insofar as the bank deposits analysis is concerned. The gross receipts reported by Mr. Sasser on his Schedule C were also not taken into account by either variation of respondent’s bank deposits analysis. In this regard, respondent’s position seems to be that there was no commingling of Mr. Sasser’s gross receipts between petitioner’s personal and business checking accounts. However, this position is contrary to the weight of the evidence, and our findings reflect the fact that Mr. Sasser’s gross receipts were commingled between petitioners’ two accounts.Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011