- 9 - 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:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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