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return, and they subsequently requested a further extension to
October 15, 2002. On their first request for an extension,
petitioners estimated their tax liability to be $23 and remitted
no payment. Petitioners mailed their 2001 return on August 20,
2002, and respondent received it on August 23, 2002.
2. Wright & Associates’ Returns
Mr. Wright was responsible for filing Wright & Associates’
Federal tax returns for the years in issue. Respondent received
Wright & Associates’ Form 1120S for its 1999 taxable year on
November 23, 2001. Respondent received Wright & Associates’ 2000
Form 1120S on December 3, 2001. Wright & Associates requested an
extension of time to file its 2001 Form 1120S to September 15,
2002. Respondent received Wright & Associates’ 2001 Form 1120S
on August 23, 2002.
On Schedule B, Other Information, of the 1999, 2000, and
2001 Forms 1120S, both cash and accrual were checked as the
method of accounting. Wright & Associates did not list any trade
notes or accounts receivables on its balance sheets or on
Schedule L, Balance Sheets per Books, of its 1999, 2000, and 2001
Forms 1120S.
C. Distributions
During 1999, Wright & Associates distributed to petitioners
$64,601. Wright & Associates also issued checks totaling $5,580
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Last modified: May 25, 2011