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Dreyer Farms did not pay dividends for fiscal years ended
November 30, 1995, 1996, and 1997.
F. Income Tax Returns
Mr. Bleeker (petitioners’ counsel) prepared the Weeldreyers’
joint Forms 1040, U.S. Individual Income Tax Return, and Dreyer
Farms’ Forms 1120, U.S. Corporation Income Tax Return, for the
years at issue.
1. Dreyer Farms
Dreyer Farms filed timely its Forms 1120 for the taxable
years ended November 30, 1995, 1996, and 1997. On these returns
Dreyer Farms reported total income and total deductions as
follows:
11/30/95 11/30/96 11/30/97
Total income $32,327 $56,694 $61,823
Total deductions 23,651 51,368 44,841
Taxable income 8,676 5,326 16,982
Included in the total expenses deducted by Dreyer Farms were
the following items for food, lodging, and medical expenses
provided to the Weeldreyers:
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