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Tax Reporting Summary
Year to Date
Personal sales $990.85
Base shop override 122.28
ICA/Escrow contribution (95.94)
ICA/Escrow used/released 95.98
Gross earned commissions 1113.17
Imputed interest 12.76
Total reportable income 1125.93
Accounting Activity Summary
Advance recovery balance (723.89)
Chargeback recovery
balance (334.88)
` Business expenses (55.00)
Other adjustments (95.98)
Intercompany recovery 158.70
Previous earns owed (62.12)
Total (1,113.17)
Primerica issued two Forms 1099-MISC to Mrs. Harper for the
taxable year 2003; the first reflecting nonemployee compensation
in the amount of $1,125.93 ($1,113.17 in Gross Earned Commissions
and $12.76 in Imputed Interest) and the second, reflecting
nonemployee compensation in the amount of $158.70 (Intercompany
Recovery). Although respondent has not raised the latter amount,
$158.70, as an issue in this case, as detailed above, this amount
was applied to Mrs. Harper’s outstanding commission account
balance.
Petitioners did not report either amount reflected on the
aforementioned Forms 1099-MISC on their 2003 income tax return.
Mrs. Harper did, however, attach a letter to petitioners’ 2003
return in which she contested the inclusion of these amounts in
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Last modified: November 10, 2007