-24-
Less reported income:
Wages 56,643 5,290.20 61,933.20
Interest 3,866 1,808.00 5,674.00
Schedule C gross receipts 501,574 -0- 501,574.00
Schedule D sales 86,487 -0- 86,487.00
Total 648,570 7,098.20 655,668.20
Unexplained deposits 67,484 (70,111.53)
(2,927.53)
1998
Petitioners’
As Additional As
Determined Adjustments Adjusted
Total deposits (including interest) $270,366 -0- $270,366.00
Less adjustments:
Interaccount transfers 129,112 $7,578.00 136,690.00
Loan repayments -0- 15,000.00 15,000.00
VISA advances 4,500 -0- 4,500.00
Gifts 5,000 -0- 5,000.00
Total 138,612 22,578.00 161,190.00
Less reported income:
Wages 54,305 8,424.15 62,729.15
Interest 1,004 -0- 1,004.00
Schedule C gross receipts 36,808 -0- 36,808.00
Total 92,117 8,424.15 100,541.15
Unexplained deposits 39,637 (31,002.15) 8,634.85
1999
Petitioners’
As Additional As
Determined Adjustments Adjusted
Total deposits (including interest) $191,576 -0- $191,576.00
Less adjustments:
Interaccount transfers 40,702 $4,002.50 44,704.50
Loan repayments -0- 20,000.00 20,000.00
VISA advances 3,200 -0- 3,200.00
Total 43,902 24,002.50 67,904.50
Less reported income:
Wages 79,309 8,576.32 87,885.32
Interest 49 -0- 49.00
Dividend 35 -0- 35.00
Schedule C gross receipts 37,677 -0- 37,677.00
Total 117,070 8,576.32 125,646.32
Unexplained deposits 30,604 (32,578.82)
(1,974.82)
We agree with petitioners to a large extent. We discuss their
requested additional adjustments seriatim.
1. Interaccount Transfers
Petitioners argue that respondent’s bank deposits analyses
for the respective years must be adjusted to reflect $15,599.29,
$7,578, and $4,002.50 of nontaxable transfers of funds between
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Last modified: November 10, 2007