- 4 -
1997 96,283
1998 89,250
1999 120,500
2000 106,250
2001 138,250
2002 89,250
Total 1,642,248
As of the date of her trial, she had no imminent plans to stop
practicing dentistry.
Since 1996, Giles Inc. has operated out of a building in
Rialto, California. Petitioner personally owns that building and
the land thereunder, both of which she purchased in 1996 at a
total cost of $136,445 and which she has leased to Giles Inc.
since 1996. During each of the years 1996, 1997, 1998, 1999,
2001, and 2002, Giles Inc. paid petitioner rent of $24,000 as to
this lease; Giles Inc. paid petitioner rent of $22,000 in 2000.
For 1997 through 2002, petitioner reported on her Federal income
tax returns that she had realized net income from this lease of
$6,382, $6,052, $7,944, $6,659, $7,202, and $5,225, respectively.
For 1996, petitioner reported on her Federal income tax return
that she had realized from the lease a $12,357 net loss stemming
primarily from her payment of $16,950 in expenses for repairs.
Giles Inc. pays a bookkeeping service to maintain its books
and records in accordance with applicable laws and regulations.
The bookkeeping service has established for Giles Inc. a complete
and accurate bookkeeping system that the bookkeeping service uses
to prepare financial statements for Giles Inc. and to prepare
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