-15-
rent and royalties in the gross amounts reported by the Odells
(but for 1997 where petitioner deducted royalties of $51,611).6
Petitioner reported on its 1995 through 1997 Federal
corporate income tax returns (signed by Ms. Odell, in her
capacity as petitioner’s president) the following amounts of
gross profit, taxable income, and Federal taxes paid:
Federal
Gross profit Taxable income taxes paid
1995 $123,976 $9,982 $1,497
1996 154,071 14,535 2,180
1997 170,041 15,394 2,309
Petitioner’s assets and liabilities as of the end of its 1995
through 1997 taxable years were as follows:
1995 1996 1997
Assets
Cash 15,386 44,168 35,725
Inventory 12,204 18,698 12,528
A/R --- --- 25,115
Corp clearing a/c --- --- 15,510
Loans to stockholders 12,570 -–- ---
40,160 62,866 88,878
Liabilities
--- -–- ---
Loans from stockholders --- 14,489 ---
A/P --- --- 38,014
-0- 14,489 38,014
6 Petitioner’s 1998 corporate tax return is not in evidence.
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