- 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
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