- 27 -
Commissioner was not completely correct does not invalidate the
method employed.” DiLeo v. Commissioner, 96 T.C. at 868.
Respondent determined tax deficiencies for 1990, 1991, and
1992 in the respective amounts of $172,655,31 $71,337, and
$56,075. These deficiency amounts are attributable to
respondent’s reconstruction of petitioner’s income for the years
at issue. In utilizing the bank deposits method, respondent
calculated petitioner’s unreported income as follows:32
Bank Acct. Deposits1 1990 1991 1992
Milpitas acct. 200593$105,340.39 $106,995.75 $94,272.80
Milpitas acct. 300466516,524.02 241,243.77 509,494.83
Milpitas acct. 10260516,811.57 14,397.00 31,493.96
Milpitas acct. 303171-- 49,811.07 121,885.27
Wells Fargo 363904 76,463.54 -- --
Wells Fargo 325774 4.72 -- --
Wells Fargo 059183 340.51 67.17 40.08
Total deposits 715,484.75 412,514.76 757,186.94
Add: Funds Not Deposited
Cash back from deposits
-acct. 200593 1,571.77 -- 500.00
Cash back from deposits
-acct. 300466 14,200.00 $2,887.00 6,500.00
Cash back from deposits
-acct. 102605 -- -- 160.00
Boscell rent deposited
into unknown acct. 62,300.00 61,300.00 --
Total funds avail. 793,556.52 476,701.76 764,364.94
31See supra page 2.
32On brief, petitioner admits that because of his criminal
conviction he “is estopped to deny that he willfully omitted
$78,454.00 and $75,587.00 of income from his 1991 and 1992
returns, respectively.”
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