- 18 -
The parties stipulated the above sums for the years at
issue. Additionally, the parties agreed that the above-described
deposits included $328,286.83, $74,180.81, and $407,639.68 of
nontaxable items for 1990, 1991, and 1992, respectively.24 Thus,
the total deposits and agreed nontaxable deposits25 for the years
at issue were:
1990 1991 1992
Total deposits $715,484.75 $412,514.76 $757,186.94
Nontaxable deposits (328,286.83) (74,180.81) (407,639.68)
Net 387,197.92 338,333.95 349,547.26
The following chart illustrates the total amount and
categories of moneys that petitioner received and reported on his
returns:
1990 1991 1992
Net wages1 $59,642.28 $59,590.17 $54,653.28
Taxable interest 16,872.00 16,131.00 6,595.00
Taxable refunds of state
and local income taxes 3,985.00 1,499.00 --
Gross rents, royalties,
etc. 93,423.00 125,683.00 140,600.00
Other income2 6,000.00 –- –-
Total 179,922.28 202,903.17 201,848.28
1 “Net wages” was calculated by reducing gross wages by Federal income
tax withheld, Social Security tax withheld, and State and local income taxes
withheld.
2 This amount was reported in Statement 1 as “Cabrillo Point” on
petitioner’s 1990 return.
24See supra note 18.
25In the stipulation, petitioner reserved the right to
present additional evidence regarding nontaxable items deposited.
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011