-315-
1980 1981 1982 1983 1984 1985 1986
Income
Unspecified -- -- -- -- -- -- $62,000
Flankin Ltd. -- -- $3,026 $5,186 $5,198 $7,047 6,056
Real Est. Loan -- -- -- -- -- 2,107 897
Assn.
Dividends -- $2,526 -- -- -- -- --
Interest -- 7 -- -- -- -- --
Dividends & int. -- -- 3,314 2,812 6898 7113 4347
Form 4684 -- -- -- (4,100) -- -- --
Other income/fees $1,000 35000 20,000 33,000 93,000 33,000 --
Total income 1,000 37,533 26,340 36,898 105,096 46,267 73,300
Deductions
Bank charges -- $5 -- -- -- -- $613
Legal fees -- -- $625 -- -- $1,000 --
Admin. services -- -- 3,000 -- -- -- --
Advertising exp. -- -- 2,652 -- -- -- --
Guaranteed pmts. -- -- -- $4,000 $12,000 7,500 12,000
Bus. & tax con- -- -- -- -- 12,345 7,500 25,000
sulting serv.
Telephone -- -- -- -- 376 300 5
Copying -- -- -- -- 19 764 10
Messenger service -- -- -- -- 15 9 14
Travel -- -- -- -- 2,134 726 --
Printing -- -- -- -- 92 -- --
Air fare $30 -- -- -- 928 -- --
Miscellaneous -- -- -- -- 330 249 11
Office services -- -- -- -- -- -- --
Total Deducs. 970 37,528 20,063 32,898 76,857 28,219 35,647
The $62,000 “unspecified income” shown above for 1986 consisted
of fees.
In notices of deficiency issued to the Kanters for 1981 to
1984 and 1986, respondent determined that Century Industries
income for those years constituted Kanter’s income. On brief,
respondent asserted that for 1981 through 1984 and 1986, Kanter
is taxable on 50 percent of the ordinary income reported by
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