- 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
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