Kevin J. Morse - Page 3

                                        - 3 -                                         
          petitioner’s Forms 1040, U.S. Individual Income Tax Return, for             
          1991-94.  On his returns, petitioner reported his adjusted gross            
          income as follows:                                                          
                                      1991      1992      1993      1994             
           Wages, salaries, tips, etc.$7,692    $8,294     $7,267    $6,078           
           Interest                     822        233       233     3,258            
           Dividends                  18        22            28        32            
           Capital gain (loss)        (143)     (143)       (143)      --             
           Other gains (losses)          –-      3,729        57        63            
           Rents, royalties, etc.     11,056    11,056    11,183   13,998             
           Farm income (loss)        (14,988)   (10,051)   (6,766)   (6,073)          
           Net operating loss c/o    (16,853)   (15,653)   (5,970)     -–             
           Adjustments to income         –-        –-        –-        –-             
           Adjusted gross income     (12,396)   (2,513)    (5,889) 17,356             
               On the Schedules F, Profit or Loss From Farming, of his                
          returns, petitioner reported net farm losses for 1991-94 as                 
          follows.                                                                    
                                      1991      1992      1993      1994             
           Income                                                                     
           Sales of products raised  $90,887   $121,038   $87,642   $55,182           
           Cooperative distributions     22        --         69       --             
           Agricultural program                                                       
           payments                   13,310    14,554     28,317    44,927           
           Crop insurance proceeds 14,123    --  --  --                               
           Other income              288        281        377       458              
           Gross income              118,630    135,873   116,405   100,567           
           Expenses                  (133,618) (145,924) (123,171) (106,640)          
           Net farm profit (loss)    (14,988)   (10,051)   (6,766)   (6,073)          
               In April 1998, petitioner was indicted in the U.S. District            
          Court for the District of Minnesota on four counts of filing                
          false tax returns in violation of section 7206(1).  The                     
          indictment charged that for 4 separate years (1991-94) petitioner           
          willfully made and subscribed to Federal income tax returns                 





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  Next

Last modified: May 25, 2011