- 4 -
show the following amounts as the pro rata share of, and as a
property distribution other than a dividend to, the stockholders:
Shareholder 1996 1997 1998
Ridge and Mrs. Ridge $26,173.32 -- --
Ridge -- $8,526.49 $2,411.23
Mrs. Ridge -- 8,526.49 2,411.23
Petitioner’s Forms 1120S were signed by Ridge as president and by
Joseph M. Grey (Grey) as preparer.
During the period from 1996 to 1998, petitioner did not
issue any Forms W-2, Wage and Tax Statement, to Ridge.
Petitioner also did not issue any Forms 1099-MISC, Miscellaneous
Income, to Ridge for 1996. For 1997 and 1998, petitioner issued
Forms 1099-MISC to Ridge reporting respective payments of $16,500
and $20,000.
Petitioner did not file a Form 941, Employer’s Quarterly
Federal Tax Return, for any quarter in 1996, 1997, or 1998 or a
Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax
Return, for 1996, 1997, or 1998.
The Ridges’ Tax Reporting
For each of the years 1996, 1997, and 1998, the Ridges
timely filed a joint Form 1040, U.S. Individual Income Tax
Return. On these returns, the Ridges reported as ordinary income
from “Rental real estate, royalties, partnerships,
S corporations, trusts, etc.” $26,173.32 for 1996 and $23,052.98
for 1997. (Equivalent information for 1998 is unavailable
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