- 19 -
have included an additional $14,030 in income as a result of
these distributions.
The Mansours received and deposited into their personal bank
account at First Union checks from Mina of Sanford, net of
repayments, totaling $31,750. The IRS determined that Mina of
Sanford was an S corporation during 1996 and that the Mansours
had failed to establish their basis in their Mina of Sanford
stock. Accordingly, because the Mansours reported income of
$10,524 from the operations of Mina of Sanford on their 1996
return, the IRS determined that the Mansours should have included
an additional $21,226 in income as a result of these
distributions.
3. Other Income
The Mansours received and deposited into their personal bank
account at First Union unexplained amounts of cash and checks
from sources other than their business entities or those reported
on their income tax return totaling $138,235. The IRS determined
that the Mansours should have reported this amount on their 1996
return as income from self-employment.
B. 1997
The IRS determined that the Mansours received and deposited
into their personal bank accounts at First Union and SunTrust
unexplained amounts of cash and checks from sources other than
their business entities or those reported on their income tax
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011