Frank H. and Marla C. Black - Page 3

                                        - 3 -                                         

                                  FINDINGS OF FACT                                    
               Some of the facts and certain exhibits have been stipulated.           
          The parties’ stipulations of fact are incorporated herein by                
          reference and are found as facts.  Petitioners resided in Rock              
          Hill, South Carolina, at the time the petition was filed.                   
               Petitioners are Frank H. Black (Mr. Black) and Marla C.                
          Black (Mrs. Black).  Petitioners were married throughout all                
          relevant periods.                                                           
               Mr. Black graduated from Michigan State University in 1969             
          with a Bachelor of Science degree, majoring in sociology and                
          minoring in religion.  He was self-employed during 1991 and 1992            
          as a licensed stockbroker, investment consultant, and insurance             
               On July 1, 1990, Mr. Black started his own business, Frank             
          Black d/b/a Robert Thomas Securities, which continued to operate            
          throughout 1991 and 1992.  On May 18, 1992, Mr. Black formed a              
          North Carolina “C-Corporation”, Frank Black, Inc.  Respondent has           
          not conducted an examination of Frank Black, Inc., for the                  
          taxable year 1992.                                                          
               Mr. Black maintained his own books and records for 1991 and            
          1992, but failed to maintain complete and accurate books and                
          records of income and expenses for either taxable year.                     

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  Next 

Last modified: March 27, 2008