- 5 -
the 13 bank accounts totaling $46,751 in 1985, $86,341 in 1986,
and $90,694 in 1987. Petitioner did not report the interest that
Republic Bank paid to the 13 corporations on his tax returns for
1985 and 1986.
C. Check Cashing Activity
Petitioner received the following amounts of income for
cashing checks for customers:
Customer 1985 1986 1987
S&Z Fashions Corp. $55,963.83 $25,454.17 $9,789.00
LVA Corp. 25,132.43
McHugh DiVincent
Alessi, Inc. 4,270.00 13,763.48 11,919.45
E. Chirico, Inc. 25,786.45
Call Enterprises, Inc. 6,391.65
Totals $60,233.83 $39,217.65 $79,018.98
Petitioner did not report the amounts that he received from
check cashing on his tax returns.
D. Treasury Notes
Petitioner bought a $400,000 U.S. Treasury note in the name
of Poodle Trans. Corp. and a $600,000 U.S. Treasury note in the
name of Big John Cab Corp. on April 3, 1985. He sold them on
January 14, 1986, for a gain of $22,826. The U.S. Government
paid total interest on those notes of $66,222 in 1985 and $20,193
in 1986 to Poodle Trans. Corp. and Big John Cab Corp. Petitioner
did not report these amounts on his 1985 and 1986 tax returns.
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