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For 2000, petitioners filed a joint Form 1040 reporting wage
income of $2,150,838 ($2,022,517.92 of which was earned by
Mr. Arberg from Corning Lasertron) and a $481,348 loss from an
attached Schedule C for Mr. Arberg’s “MARK TO MARKET TRADING”
business. The Schedule C detailed the following:
Gross income $65,372
Expenses:
Other Interest 42,570
Legal and professional services 75,495
Office expense 2,378
Travel 30,072
Meals and entertainment 1,332
Other expenses 394,873
Total Expenses 546,720
Net loss 481,348
Attached statements described the gross income as “MARK TO MARKET
GAINS ON OPEN POSITIONS AT 12/31/2000” and listed the components
of the other expenses:
Loss on market trades and holdings
at December 31, 2000 $380,595
Telephone expenses 5,616
Computer expenses 5,755
Training/seminars 2,907
The $380,595 loss was calculated by deducting cost basis from
$34,910,868 in gross proceeds less commissions received on trades
during 2000 in the E Trade account in Ms. Quinn’s name. E Trade
Securities, Inc., reported to the Internal Revenue Service (IRS)
stock and bond sales in the name of Ms. Quinn totaling
$34,910,781 for 2000.
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Last modified: November 10, 2007