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petitioner’s gross income from interest, dividends, and
residential real estate and equipment rental activities.3 The
1993 fiduciary return also included the 1992 NOL carryover of
$323,352, which was largely due to prior year Schedule C losses.
The 1993 fiduciary return was signed by petitioner as fiduciary
or officer representing fiduciary.
1994 Individual and Fiduciary Income Tax Returns
Petitioner timely filed his 1994 Form 1040 (1994 individual
return). Other than Social Security payments of $28,405 reported
as nontaxable, petitioner reported no gross income on his 1994
individual return. Petitioner did, however, report the 1992 NOL
carryover of $323,352.
As he did for 1993, petitioner reported gross income from
interest and his residential real estate and equipment rental
activities on the living trust’s 1994 Form 1041 (1994 fiduciary
return). In addition, the 1994 fiduciary return reflected an NOL
carryover from the 1993 fiduciary return of $525,214. The 1994
fiduciary return was signed by Ronald Foster as fiduciary or
officer representing fiduciary.
Miscellaneous Transactions Not Reported on Petitioner’s Returns
Petitioner opened a bank account at Fidelity Federal Bank in
the name of the living trust (trust bank account) in July 1992.
3 Unlike the returns for prior years, the 1993 individual
return and the 1993 fiduciary return did not include Schedule C
for either Sherrys Exxon or petitioner’s “Rental Truck & Equip.”
activity.
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