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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.
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