- 40 -
IL NA Tours did not file any Federal income tax returns
after its 1988 return.
Air America filed returns for 1988 and 1989, but not for the
years 1990 through 1995.
Neither Air America’s nor IL NA Tours’ returns for 1987 or
1988 reported any transactions related to the brokerage accounts
under individual names to which Northwest had traced corporate
funds. Regarding those brokerage accounts, for 1987 petitioner
reported on his return selected transactions relating only to his
FCIS account, his Allied account, and various other brokerage
accounts not at issue in this case. For 1988, petitioner
reported only selected sales of stock in his FCIS account, his
Allied account, and P-B No. 1 on his return.
Dividend Income Issue
During 1988, the following amounts of dividend income were
paid on stocks held in the accounts noted: $3,525 in Chung No. 1
(on March 1), $211 in Chung No. 3, $4,500 in the FCIS account (on
April 4, 1988), $16,905 in the Sam Han account, and $8,412 in P-B
No. 2 (during March 1988).
Petitioner reported no dividend income on his 1988 return.
Interest Income Issue
On January 30, 1989, Belofsky forwarded Forms 1099, Interest
Income, to Chung which reported that ANB Nos. 1 through 4 had
Page: Previous 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 NextLast modified: May 25, 2011