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1994
Date Property (Buyer) Sale Price
8/30 14685 Iodine Court $117,600
9/27 4412 Josephine Lane North 103,766
10/7 5661-146th Circle 115,000
10/25 4265 Victoria Street 121,880
11/22 7096 Progress Road 73,150
Total 531,396
During the years at issue, Mr. Strong had signatory
authority over bank account No. 893315300 at First Bank, Coon
Rapids, Minnesota (later known as Marquette Bank Coon Rapids).
This account bears his name and that of SCC. The net proceeds
from the 22 house sales during the years at issue were paid by
checks issued to SCC and deposited in account No. 893315300. SCC
did not file Federal or State income tax returns for the years
1990-94. Mr. Strong considered SCC funds deposited into account
No. 893315300 to be available for his personal use.
Mr. Strong’s Income Tax Returns
Mr. Strong filed his 1990, 1991, and 1993 Forms 1040, U.S.
Individual Income Tax Return, on March 23, 1995. He filed his
1992 Form 1040 on March 2, 1995, and he timely filed his 1994
return. For each of the years 1990-94, the returns filed by Mr.
Strong reflect negative taxable income. These tax returns all
included a Schedule C, Profit or Loss From Business (Sole
Proprietorship), which identified his principal business as
“construction”. These Schedules C reflect the following gross
receipts, expenses, and net profits or losses:
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