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Mina of Forest City, Mina of Sanford, and Mansour’s of Mt. Dora
as S corporations on this return. Bradshaw prepared the
Mansours’ 1997 return.
On their joint income tax return for 1998, the Mansours
reported the following sources of income and loss:
Source Amount of Income (Loss)
Wages $19,200
Taxable interest 78
Dividends 23
Tomson (45,000)
Short-term capital gains 1,994
Sales of business property 36,557
Capital gain distributions 19
Rental properties (2,465)
Mansour Enterprises 13,000
Mina of Forest City (756)
Mina of Sanford 39,144
Mansour’s of Mt. Dora 6,300
Shenody (3,679)
Bishoy 9,290
The Mansours reported taxable income of $29,588 and total tax of
$3,636 for 1998. The $45,000 loss reported by the Mansours with
respect to Tomson represented one-half of the long-term capital
loss that was calculated from Tomson’s sale of its gasoline
station to Sembler in 1998. The Mansours identified Mansour
Enterprises, Mina of Forest City, Mina of Sanford, Mansour’s of
Mt. Dora, Shenody, and Bishoy as S corporations on this return.
Bradshaw prepared the Mansours’ 1998 return.
On their joint income tax return for 1999, the Mansours
reported the following sources of income and loss:
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