- 31 - Ahmed for purposes of determining Ahmed’s income and expenses and Ahmed’s individual Federal income tax liabilities. The schedule below compares, for 1995 and 1996, the gross income, the taxable income, and the tax liabilities of Ahmed and of K & M as reported on the filed tax returns with the gross income, the taxable income, and the tax liabilities of Ahmed and of K & M as stipulated herein:8 1995 1996 Reported Stipulated Reported Stipulated Ahmed’s Gross Income $ 49,000 $ 113,390 $ 40,500 $ 95,698 Taxable Income 22,872 87,262 15,127 70,325 Tax Liability 3,431 19,367 2,269 14,478 K & M’s Gross Income 1,705,359 1,768,971 1,401,793 1,492,929 Taxable Income 7,361 112,875 60,148 202,839 Tax Liability 1,104 27,271 10,037 62,357 The schedule below compares, for 1997 and 1998, the aggregated gross income, taxable income, and tax liabilities of Ahmed and of the nominee entities as reported on the filed or submitted tax returns of Ahmed and of the nominee entities with 8 On this schedule for 1995 and 1996, and on the next schedule for 1997 and 1998, see infra p. 32, we have estimated the Federal income tax liability of Ahmed and of K & M based on the stipulated income and expense amounts. The amounts indicated on these two schedules for the estimated tax liabilities are not binding on the parties, who will have the opportunity to submit tax calculations pursuant to Rule 155. The “reported” amounts include the amounts reported on the tax returns filed with respondent and also amounts reported on the tax returns that were submitted either before or during trial but which were neither signed nor filed with respondent.Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Next
Last modified: May 25, 2011