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Enterprises stock. Accordingly, because the Mansours reported
income of $13,000 from the operations of Mansour Enterprises on
their 1998 return, the IRS determined that the Mansours should
have included an additional $9,600 in income as a result of these
distributions.
3. Other Income
The Mansours received and deposited into their personal bank
account at SunTrust unexplained amounts of cash and checks from
sources other than their business entities or those reported on
their income tax return totaling $122,853. The IRS determined
that the Mansours should have reported this amount on their 1998
return as income from self-employment.
D. 1999
The IRS made the following determinations with respect to
the Mansours for 1999:
1. Disallowance of Long-Term Capital Loss Carryover
The long-term capital loss carryover of $3,430 that was
reported on the Mansours’ 1999 return was disallowed because it
resulted from their reporting a capital loss rather than a
capital gain from the transaction between Tomson and Sembler on
their 1998 return. The IRS adjusted the Mansours’ income to
account for this disallowance.
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