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C. Petitioner’s Financial Condition
For FYE June 30, 1985 through 1996, petitioner’s gross
receipts, net income, and net margin were as follows:4
FY Gross receipts Net income Net margin (percent)
1985 $471,720 $21,938 4.7
1986 496,367 2,614 0.5
1987 628,333 (26,344) -4.2
1988 749,595 3,363 0.4
1989 1,044,449 (49,205) -4.7
1990 752,702 (5,281) -0.7
1991 661,928 (46,254) -7.0
1992 1,011,083 7,078 0.7
1993 2,074,682 43,360 2.1
1994 1,936,476 49,545 2.6
1995 12,501,980 1,087,759 8.7
1996 5,709,686 398,585 7.0
1997 2,170,205 31,985 1.5
During the fiscal years at issue, petitioner’s sales, costs
of goods sold, gross profits, net income, total taxes, net income
per books, and ratios of gross profit to gross receipts,
expressed as percentages, were as follows:5
4 The stated gross receipts and net income (taxable income)
for FYE June 30, 1985 through 1997, were obtained from
petitioner’s Forms 1120, U.S. Corporation Income Tax Return, for
the respective fiscal years.
5 The amounts listed in this table were reported in
petitioner’s Forms 1120 for the respective fiscal years at issue.
Net income per books was reported on Forms 1120, Schedule M-1.
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