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Item Amount
Bilzerian & Mack $1,840,003
Bilzerian Investors 10,216,579
Bilzerian Ventures 3,107
Personal Gain 4,170,093
Total 16,229,782
On June 15, 1987, petitioner and Mr. Bilzerian signed and
filed a Form 4868, Application for Automatic Extension of Time to
File U.S. Individual Income Tax Return, for the taxable year
1986, along with a payment of $5 million. Petitioner and Mr.
Bilzerian were in possession of the schedule prepared by Peat
Marwick at that time, and Mr. Bilzerian discussed their estimated
tax liability payment with petitioner. On August 12, 1987,
petitioner and Mr. Bilzerian filed a Form 2688, Application for
Additional Extension of Time To File U.S. Individual Income Tax
Return.
On October 15, 1987, petitioner and Mr. Bilzerian filed
their 1986 Form 1040, U.S. Individual Income Tax Return. On
Schedule E, Supplemental Income and Loss, they reported the
following net income from Mr. Bilzerian’s stock dealings in
Hammermill:
Item Amount
Bilzerian & Mack $1,840,003
Bilzerian Investors 10,216,579
Bilzerian Ventures 3,107
Total 12,059,689
On their Schedule C, Profit or Loss From Business, petitioner and
Mr. Bilzerian reported gross income of $8,063,277 from the sale
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Last modified: May 25, 2011