Gary W. McDonough - Page 9




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          Year of Tax Return     Date Signed        Date Filed                        
          1988            Apr. 27, 1989       May 1, 1989                             
          1989            June 1, 1990        June 4, 1990                            
          1990            June 20, 1991       June 24, 1991                           
          1991            Sept. 30, 1992      Oct. 2, 1992                            
          Petitioner did not make any meaningful inquiry to find a tax                
          professional independent of the Hoyt organization to prepare or             
          review the Hoyt organization’s preparation of those returns.                
               Petitioner’s 1988 through 1991 tax returns reported the                
          following relevant items:                                                   
          1988      1989      1990     1991                                           
          Wages                  $69,612   $71,538   $94,995  $99,979                 
          Taxable interest           449       958     1,129    2,030                 
          Refund of State and                                                         
          local income taxes       843     3,694     1,789    3,173                   
          Capital gains (losses)   5,311    (3,000)      308      -0-                 
          Farm income                -0-       -0-       -0-   25,094                 
          Losses from Hoyt                                                            
          partnerships          40,414    31,069    55,941   92,961                   
          Losses from other                                                           
          partnerships             -0-       524     2,413    2,857                   
          Total income            35,801    41,597    39,867   34,458                 
          Tax liability              664     1,601     1,189       17                 
          Withholdings            11,378     3,024     5,039    4,070                 
          Refund                  10,714     1,423     3,850    4,053                 
          The losses reported as flowing from the Hoyt partnerships were              
          broken down as follows:                                                     
          Partnership             1988      1989     1990      1991                   
          TBS                  $1,424    $3,560   $3,560      -0-                     
          DSBS 87-C            38,990     -0-     18,810      -0-                     
          TBS 89-1              -0-       127,509   33,571     2$92,961               
          Total              40,414    31,069   55,941     92,961                     
               1 This partnership loss was attributable to a depreciation             
          adjustment on property placed in service after 1986.                        







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