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Source Amount of Income (Loss)
Taxable interest $38
Dividends 3,751
Net short-term capital gain 3,835
Net long-term capital loss (86,975)
Universal Painters 295,667
Petitioner and intervenor received the dividends that they
reported on the 1993 return from the following sources:
“Founders Money Market”, “Oakmark Int’l Fund”, and “Oakmark
Fund”. Petitioner and intervenor reported taxable income of
$272,051 and total tax of $84,261 for 1993. Petitioner and
intervenor signed the 1993 return on October 14, 1996. The IRS
received the 1993 return on October 17, 1996. Martinez prepared
the 1993 return.
On their joint income tax return for 1994 (1994 return),
petitioner and intervenor reported the following sources of
income and loss:
Source Amount of Income (Loss)
Taxable interest $81
Dividends 7,492
Net short-term capital gain 1,639
Net long-term capital loss (28,524)
Rental income 10,600
Universal Painters 563,786
Petitioner and intervenor received the dividends that they
reported on the 1994 return from the following sources:
“Founders Funds”, “Founders Growth Funds”, “European Stock
Funds”, “Int’l Stock Fund”, “Japan Fund”, “New Asia Fund”,
“Summit Cash Reserve”, “Oakmark Int’l Fund”, “Oakmark Fund”,
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Last modified: May 25, 2011