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In addition to her work as a real estate agent, petitioner
was involved with other real estate matters in 1996, both as an
individual and purportedly on behalf of Sams, Inc. On occasion,
petitioner taught real estate classes for O’Brien. Petitioner
owned two rental properties in Waldorf, Maryland. In addition,
petitioner also maintained and managed rental property by finding
and placing tenants for Skyview Farm and managed real estate
property for Bill Stallman (the Stallman property). Petitioner
received rental checks from the tenants of Skyview Farm and the
Stallman property, deposited the checks into her personal
checking (the account), and wrote checks to Skyview Farm and Bill
Stallman for the amount of the rents paid by the tenant minus her
management fee.
On Form 1040, U.S. Individual Income Tax Return, for 1996
petitioner reported income and claimed deductions as follows:
Income
Taxable interest $341
Rental real estate, royalties, (10,576)
partnerships, S corporations,
trusts, etc.
Other income (Net operating loss (56,699)
carryover)
Adjusted gross income (negative) (66,934)
Petitioner reported income and claimed deductions on
Schedule E attached to her individual return as follows:
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Last modified: May 25, 2011