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Petitioner's financial statements and Forms 1120, U.S.
Corporation Income Tax Return (Forms 1120 or returns), for the
years ending October 31, 1986 through 1996, show the following
income:
10/31/86 10/31/87
Financial Financial
Statement Return Statement Return
General & contract revenue $2,135,832 $2,108,148 $3,666,642 $3,359,825
Operating expenses (2,009,634) (2,005,650) (3,409,657) (3,327,492)
Income from operations 126,198 102,498 256,985 32,333
Other income/(loss) 20,805 1,239 57,384 37,038
Net income before taxes 147,003 103,737 314,369 69,371
Taxes (37,689) (27,469) (46,141) (13,481)
Net income 109,314 76,268 268,228 55,890
10/31/88 10/31/89
Financial Financial
Statement Return Statement Return
General & contract revenue $4,416,990 $3,910,680 $4,423,002 $4,489,886
Operating expenses (4,318,785) (3,847,599) (3,986,317) (4,351,131)
Income from operations 98,205 63,081 436,685 138,755
Other income/(loss) 45,745 21,225 50,024 21,629
Net income before taxes 143,950 84,306 486,709 160,384
Provision for taxes (42,960) (16,914) (195,995) (54,825)
Net income 100,990 67,392 290,714 105,559
10/31/90 10/31/91
Financial Financial
Statement Return Statement Return
General & contract revenue $6,746,331 $6,014,515 $5,156,266 $5,581,672
Operating expenses (5,008,338) (5,269,014) (4,812,253) (5,141,657)
Income from operations 1,737,993 745,501 344,013 440,015
Other income/(loss) 58,139 59,876 203,106 149,527
Net income before taxes 1,796,132 805,377 547,119 589,542
Provision for taxes (723,300) (272,170) (212,070) (193,077)
Net income 1,072,832 533,207 335,049 396,465
10/31/92 10/31/93
Financial Financial
Statement Return Statement Return
General & contract revenue $7,442,762 $7,388,353 $5,090,933 $5,088,511
Operating expenses (6,503,283) (6,809,208) (4,983,762) (5,174,854)
Income from operations 939,479 579,145 107,171 (86,343)
Other income/(loss) 176,050 524,359 130,396 593,430
Net income before taxes 1,115,529 1,103,504 237,567 507,087
Provision for taxes (392,845) (375,191) (160,001) (172,410)
Net income 722,684 728,313 77,566 334,677
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