- 9 - furniture business was reported, and improper deductions were claimed for purported distributions to the other two trusts (RJ Pendergraft Trust and In God We Trust) and for alleged business expenses relating to petitioners’ furniture business, all of which offset NHUSS Trust’s reported income, and resulted in no tax liability being reported on NHUSS Trust’s tax returns. On the 1999 and 2000 trust Federal income tax returns of RJ Pendergraft Trust and In God We Trust, various improper deductions were claimed for business and personal expenses that offset the trusts’ reported income and that resulted in no tax liability being reported. The following schedules summarize the gross income, taxable income (loss), and tax liability reported on the above joint individual and trust Federal income tax returns for 1999 and 2000: 1999 Reported Date Type of Gross Taxable Tax Filed Return Taxpayer Income Income (Loss)Liability 04/10/00 Trust NHUSS Trust $886,784 ($69) -0- 04/10/00 Trust In God We Trust 149,180 (62) -0- 04/10/00 Trust RJ Pendergraft Trust 244,850(72) -0- 04/09/00 Joint Petitioners 4,800 -0- -0- 2000 Reported Date Type of Gross Taxable Tax Filed Return Taxpayer Income Income (Loss)Liability 04/10/01 Trust NHUSS Trust $805,884 ($73) -0- 04/10/01 Trust In God We Trust 169,425 (55) -0- 04/10/01 Trust RJ Pendergraft Trust 696,857(60) -0- 04/09/01 Joint Petitioners 4,800 -0- -0-Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011