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Source Amount of Income (Loss)
Wages $39,475
Taxable interest 35
Dividends 51
Short-term capital losses (2,028)
Long-term capital loss carryover (3,430)
Capital gain distributions 259
Mansour Enterprises 5,700
Mina of Sanford (10,023)
Mansour’s of Mt. Dora 12,150
Shenody (6,325)
Bishoy 2,647
The Mansours reported taxable income of $2,160 and total tax of
zero for 1999. The Mansours identified Mansour Enterprises, Mina
of Sanford, Mansour’s of Mt. Dora, Shenody, and Bishoy as
S corporations on this return. Bradshaw prepared the Mansours’
1999 return.
The Gownis’ Income Tax Returns for 1998 and 1999
On their joint income tax return for 1998, the Gownis
reported the following sources of income and loss:
Source Amount of Income (Loss)
Wages $15,000
Taxable interest 8,505
Tomson (45,000)
Mina of Forest City (756)
Mina of Sanford 39,144
Shenody (3,680)
Bishoy 9,290
The Gownis reported taxable income of $30,984 and total tax of
$3,846 for 1998. The $45,000 loss reported by the Gownis with
respect to Tomson represented one-half of the long-term capital
loss that was calculated from Tomson’s sale of its gasoline
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