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preparer. In 1996, she started a tax preparation business in
which she prepared tax returns for third parties during 1996 and
1997. During the years in issue, Neil T. Nordbrock
(Mr. Nordbrock) was a self-employed accountant.
During the years in issue, petitioners received the
following items of income:
Source 1995 1996 1997
Wages
(Alpha Tax Service) $12,694.41 $ 778.89 --
Interest income 1,313.00 5,638.00 $5,554.00
Dividend income 15,013.00 – 59.00
Capital gain 10,758.00 – --
Rental income 6,063.00 370.00 --
Cancellation of -- 1,748.00 --
indebtedness
Pension distribution -- -- 12,376.00
Nonemployee compensation 864.00 908.00 1,583.00
E. Nordbrock tax 17,911.00 27,728.00 --
preparation
N. Nordbrock accounting 21,179.00 14,236.00 9,917.00
Swan business receipts 10,835.28 -- --
Danmarkin Investments/ -- 6,824.00 --
Charles Schwab dividend income
Olde Discount–dividend -- 3,398.00 --
income
Under Arizona community property laws, one-half of each of the
foregoing items is allocable to each petitioner.
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Last modified: May 25, 2011