- 4 - DUI, deposited $33,025 in credit card authorization slips into DUI’s bank account. Cash and checks received at the various DUI offices for legal services rendered were deposited into the DUI bank account designated for that office. During 1992 and 1993, Johnson periodically wrote checks, drawn on the DUI account in Sarasota in favor of DUI or cash, and mailed the checks to DUI’s Tampa office for deposit by petitioner or by other DUI personnel into DUI’s account in Tampa (interbank transfers). For 1992 and 1993, DUI’s books and records and petitioner’s personal books and records were incomplete and inadequate. DUI reported on its 1992 and 1993 S corporation Federal income tax returns gross receipts of $473,156 and $429,186, respectively. On audit, using the bank deposits method, respondent determined that DUI had gross income not reported on DUI’s 1992 and 1993 tax returns of $8,343 and $18,232, respectively. Respondent calculated the amount of DUI’s interbank transfers after meeting with Nick Ligori (Ligori), petitioner’s accountant. Ligori provided respondent with a record prepared by Ligori that established interbank transfers of $40,850 for 1992 and $12,356 for 1993, including transfers of funds from DUI’s account in Sarasota to its account in Tampa. For 1993, LigoriPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011