- 27 -
dividend income
Capital gain 492 492
distributions
Taxable refunds -- 29,327
Rents:
3341 Lucile -- 14,976
3 Arroyo -- 12,480
266 Elsie Drive -- 8,700
Total rents 36,156 36,156
Royalties:
Occidental -- 785
Sun -- 363
Scurlock -- 192
Total royalties 281,372 1,340
Other income (NPI Salary) 200,000 200,000
Evelyn Hermsmeir 100,620 100,620
partnership
1120-S return of NPI:
Gross sales -- 50
Royalties 160,063 160,063
Gross rents 200,605 200,605
Dividends -- 125,470
Total NPI income 360,668 486,188
Bensons’ share of -- 243,094
NPI income
Bensons’ share of -- 579
Baden Spiel Haus
partnership
Total 1,011,740 814,311
1 This amount represents a negative number.
2 This amount includes royalties received from NPI.
The parties calculated the percentage of omitted gross income in
1994 as follows:
The Bensons’ Respondent’s
calculation calculation
Omitted gross income $119,026 $399,826
Reported gross income $1,011,740 $814,310
Percent understated 11.76 49
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011