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For 1999, Mr. Arberg again filed a separate return showing
wage income ($84,114 (rounded) from Lasertron) and also attaching
a Schedule C for a “MARK TO MARKET TRADING” business. The
Schedule C reported gross income of zero, expenses of $34,779
(comprising $2,790 for car and truck expenses, $20,754 for travel
expenses, and $11,235 for other expenses), and a net loss of
$34,779. The $11,235 for other expenses was described as: “LOSS
ON MARKET TRADES AND HOLDINGS AT DECEMBER 31, 1999”. An attached
schedule listed three securities lots, each with a respective
date acquired and date sold between February 3 and October 13,
1999, for the $11,235 total net loss on the transactions. These
trades were apparently conducted through an account in
Mr. Arberg’s name at Salomon Smith Barney. As in 1998, a
Schedule D was also attached to the 1999 return and bore the
notation “TAXPAYER HAS ELECTED BO [sic] BE A MARK TO MARKET
TRADER UNDER IRC SECT. 475(F)(1)(A)”.
Ms. Quinn likewise filed a separate return for 1999. The
return reported, inter alia, wage income of $131,730 and net
short-term capital gains from Schedule D of $196,121. The
$196,121 in net short-term capital gains was derived from gross
short-term sales proceeds of $761,300 shown on the Schedule D.
The trades underlying the reported capital gains on stock sales
were conducted through the E Trade account in Ms. Quinn’s name.
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Last modified: November 10, 2007