- 8 - Item 1993 1994 1995 Interest income $793 $410 $225 Rental income 2,614 11,379 12,600 Loans received 68,000 125,000 27,000 Credit card advances –- 4,000 –- Tax refunds 138 278 548 Insurance proceeds 25,000 –- –- Transfers between accounts –- 27,500 3,400 Real property sale 68,427 –- –- Total amounts of deposits, not including deposits of Ms. Shaw’s income: 164,972 168,567 43,773 Petitioner received no nontaxable or excludable income, receipts, cash, or other assets during 1993-95, other than as described above. He received no gifts or inheritances in 1993- 95.3 C. Petitioner’s Income Tax Returns Petitioner and Ms. Shaw met with a representative of H & R Block who prepared joint 1993 and 1994 Federal income tax returns for them. They did not take any documents to H & R Block. Petitioner and Ms. Shaw timely filed those returns. They did not report any income or deductions relating to Far Eastern on their 1993 or 1994 returns. The income and expenses reported on 3 Contrary to the stipulation of facts, petitioner testified that he received gifts or loans in 1993-95. However, he does not contend that he deposited those alleged gifts in his bank accounts in 1993-95. Thus, his testimony about those alleged gifts does not affect the amount of petitioner’s unreported gross receipts in 1993-95.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011