- 172 -
1986:
Stipulated Income:
Income Item Amount
Miscellaneous Sch. C income $27,019
Gains from property sales 154,924
Interest income 10,614
Commission income 32,357
Unidentified deposits 24,186
Total stipulated income 249,100
Disputed Income:
Income Item Amount
Gain from sale of Tract A in
Susan’s Lakefront Estate $21,097
Gain from sale of parcel in Grissom Parcels 20,502
Installment gain from Silver Lake sale 12,288
Gain from sale of 62.5 acres in East Lake Vista 92,502
Gain from exchange of Arrowhead Lakes Subd.
for Angel-Royse Property 60,706
Interest income from Silver Lake mortgage 5,805
Unidentified deposits 9,638
Total disputed income 222,538
Total income relied upon by respondent (stipulated income +
disputed income): $471,638
Less reconstructed Sch. C expenses
(after concessions on brief): $298,656
Less itemized deductions: - 0 -
Less nonitemized contributions: $48
Less personal exemptions: $2,160
Taxable income: $170,774
Tax liability (based on head of household filing status):
$69,723
Plus self-employment tax: $5,166
CLAIMED UNDERPAYMENT FOR 1986: $74,889
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