- 174 -
1988:
Stipulated Income:
Income Item Amount
Miscellaneous Sch. C income $12,000
Gains from property sales 167,120
Unidentified deposits 4,400
Total stipulated income 183,520
Disputed Income:
Income Item Amount
Gain from sale of Lots 6-30 in
Susan’s Lakefront Estate $77,298
Gain from sale of 10 acres in East Lake Vista19,522
Gain from sale of Mefford Property 55,164
Rent received from Island Living, Inc. 12,000
Unidentified deposit 140,000
Total disputed income 303,984
Total income relied upon by respondent (stipulated income +
disputed income): $487,504
Less reconstructed Sch. C expenses
(after concessions on brief): $301,910
Less itemized deductions: $44,651
Less personal exemptions: $3,900
Taxable income: $137,043
Tax liability (based on head of household filing status):
$39,035
Plus self-employment tax: $5,859
CLAIMED UNDERPAYMENT FOR 1988: $44,894
Page: Previous 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 Last modified: May 25, 2011