Virginia Ferguson, f.k.a. Virginia Del Bosque, and Estate of Armand J. Del Bosque, Deceased, Lori Del Bosque, Special Administrator, et al. - Page 27

                                       - 27 -                                         
                                          1986     1987     1988      1989            
          Net worth computation:                                                      
          Assets                                                                      
          Agent Fisher’s computations    $143,230 $208,392 $235,941 $292,189          
          Snowmobile                       2,250     -–      -–        -–             
          First Bank East 12,000   --     --     --                                   
          Fidelity Growth Fund           –-     (3,304)     –-       –-               
          Total assets                   157,480 205,088 235,941 292,189              
          Liabilities                     71,995 125,564 139,430 142,708              
          Larson Quinn Motor Co.         --      3,921   (3,921)      –-              
          Total liabilities               71,995 129,485 135,509 142,708              
          Net worth                        85,485  75,603 100,432 149,481             
          Less prior year’s net worth             85,485   75,603  100,432            
          Increase in net worth                    (9,882) 24,829    49,049           
          Adjustments:                                                                
          Additions:                                                                  
          Nondeductible expenses                                                      
          Agent Fisher’s computations              75,826   86,751   77,356           
          Cost of leather goods                   (13,298)  (3,862)  (2,375)          
          Itemized deductions expenditures         12,840   22,007   23,254           
          Subtractions:                                                               
          Nonincome items                         (2,546)  (67,090)  (63,912)         
          Adjusted gross income                    62,940   62,635   83,372           
          Itemized deductions                     (12,118) (15,627) (16,545)          
          Personal exemptions                     (3,800)   (3,900)   (2,000)         
          Corrected taxable income                 47,022   43,108   64,827           
          Taxable income reported                 (14,632)  (19,267)  (38,344)        
          Unreported gross receipts                32,390   23,841   26,483           
               On April 22, 1987, Mr. Del Bosque purchased 1 share of                 
          Fidelity Growth Fund for $16.  On January 22, 1988, he sold the             
          share for $13.  On his 1988 return, he erroneously reported a               
          basis of $3,320 in the 1 share and a $3,307 long-term capital               
          loss on the sale of the share in that year.  Mr. Del Bosque’s               










Page:  Previous  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  Next

Last modified: May 25, 2011