- 4 - 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:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011