- 16 - market account opened by WRP that same month. No other deposits were made into the money market account. On April 20, 1992, petitioner closed the money market account and withdrew the balance ($10,930.58). Petitioner deposited the $10,930.58 into his personal bank account. Petitioner did not report the $10,930.58 as income on his 1992 income tax return. On May 28 and July 24, 1992, Taxman issued checks for $5,000 and $10,000, respectively, to petitioner. Petitioner used these checks to purchase cashier’s checks payable to a West Fargo law firm to pay petitioner’s personal 1983 and 1984 income tax liabilities. Petitioner did not report the $15,000 as income on his 1992 income tax return. D. 1993 On February 17, 1993, Taxman paid $310.43 to Schumacher Goodyear for repairs done in December 1992 to Mary’s car, a 1991 Ford Probe. Petitioner did not report the amount paid for the repairs as income on his 1993 income tax return. On October 12, 1993, WFIC issued a check for $7,000 to petitioner’s sister, Susan Schoeppach. On October 20, 1993, Ms. Schoeppach wrote a check for $7,000 to Epic Real Estate. The $7,000 Ms. Schoeppach paid Epic Real Estate was used as a downpayment on an apartment building that Ms. Schoeppach purchased. Epic Real Estate brokered Ms. Schoeppach’s purchasePage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011