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FabuGlass’ Reported Gross Income and Deductions for 1990-94
Year Gross income Deductions
1990 $(818,321) $31,227
1991 (1,034,984) 89,818
1992 209,518 --
1993 102,031 --
1994 (13,301) 16,070
Total (1,555,057) 137,115
FabuGlass reported $0 gross receipts or sales in 1990, 1991,
and 1992, $25,220 in 1993, and $0 on the original and first
amended 1994 returns. FabuGlass reported $0 costs of goods sold
on its 1990, 1991, 1992, 1993, and original and first amended
1994 returns. FabuGlass claimed no deductions for salaries,
wages, rents, and advertising on its 1990-94 returns.
FabuGlass reported assets on its returns as follows:
Item 1990 1991 1992 1993 11994
Cash –- –- –- 16 –-
Inventories –- –- –- $166,353 166,353
Investments $1,068,279 $144,932 $1,794 22,270 3,075
Buildings and
depreciable
assets 248,681 248,681 248,681 –- --
less accumulated
depreciation (129,842) (134,456) (134,456) –- --
Total assets 1,187,118 259,157 116,019 188,639 169,428
1 FabuGlass reported these amounts on its original and first amended 1994
returns.
FabuGlass’ tax returns for 1990-94, a real estate contract,
and a stipulated rental receipt show that less than 50 percent of
FabuGlass’ aggregate gross receipts for 1990-94 were from sources
other than royalties, rents, dividends, interest, annuities, and
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Last modified: May 25, 2011