Answers to Questions Raised by Doug
Regarding Tax-relevant materials
Tax-Free Bonds:
These were given to Craig and his three siblings, $20,000 each from Craig’s parents, Dr. Carl and Mrs. Carolyn Franklin, $10,000 from each thus at the legal limit for gifts, three years running. These years were 1987, 1988, and 1989. Of course, the Franklins paid $20,000 for the bonds Craig received each year.
City of Burbank
Bought for: $20,000.00
Sold for: $28,250.00
County of Riverside
Bought for: $20,000.00
Sold for: $35,788.00
Craig’s Business Expenses - MIT in 1988 - 1989
Craig did consulting work for MIT, creating a video data-base for the Agah Khan. This work was done in these two years. The first trip was in 1988 and the second in early 1989. These were his expenses:
1988
Airline Tickets: $750.00
Hotel and meals - $500.00
Surface Transport: $45.00
Telephone: $150.00
1989
Airline Tickets: $750.00
Hotel and meals - $550.00
Surface Transport: $55.00
Telephone: $130.00
International Meta Systems - Consulting compensation and compensation for serving on Board of Directors. - Paid in stock - Never knew what it was worth until we sold it.
1990
Phone costs: $300.00
Milage for consulting: 7 trips - $210.00
Meals - $120.00
Attending Board Meetings - $120.00
1991
Phone costs: $350.00
Milage for consulting: 4 trips - $120.00
Meals - $70.00
Attending Board Meetings - $60.00
Cost of IMS Stock:
Option price was $.10 a share
Paid: $550.00
Charles Schwab Activity:
Tax-Free Bonds:
These were given to Craig and his three siblings, $20,000 each from Craig’s parents, Dr. Carl and Mrs. Carolyn Franklin, $10,000 from each thus at the legal limit for gifts, three years running. These years were 1988, 1989, and 1990. Of course, the Franklins paid $20,000 for the bonds Craig received each year.
December 93
City of Burbank
Bought for: $20,000.00
Sold for: $28,250.00
County of Riverside
Bought for: $20,000.00
Sold for: $35,788.00
April 1994
- Bought 1000 shares Wind River - $6,000
Sold for $6,004.02
Profit of $4.02 minus commission
Options: M Long LSYXH 50 PUT SPX Leaps .4375 - $2,187.50
$40 Expires 12/17/94
M Long OBXX 50 PUT OEX 100 Leap Index .3750 - $1,875.00
$35 Expires 12/17/94
M Long XLTXE 150 PUT AMEX LT-20 INDEX .0625 $937.50
$25 Expires 12/17/94
Loses: $4,998.00
California State Bonds
Bought for $20,000.00 - Tax free gift to Craig from parents
Sold for: $25,063.00
1995
- Bought Options:
8/01 - Bought 7/31 9 PUT SPX LEAPS .3750 $373.70
$50 Expires 12/16/95
M Long SPXXT 100 PUT S & P 500 Index .4375 $4,375.00
$500 Expires 12/16/95
M Long LSXXJ 9 PUT SPX Leaps .o625 $56.25
$50 Expires 12/16/95
M Long LSZXJ 50 PUT SPX LEAPS .8125 $4,062.50
$50 Expires 12/21/96
Loses: $4,804.95
1996
Loses from Options: $4,062.50
9547 Burnet Street - Costs and Improvements
1992
Repair of ruptured water line: $230.00
1993
Getting House ready to sell before Earthquake -
Painting - $3,450.00
Wallpaper - $450.00
Papering - $1,150.00
Cleaning up Garden and planting - $750.00
Repairs of screens - $340.00
Curtain material - $285.00
Sewing curtains & drapes- $890.00
1994
Clean-up after Earthquake - $2,850.00
This was just hauling, cleaning and patching so Morgan could live there until we found a contractor)
Replacement of lost dishes, furniture, and sundries - $4,600.00
1995
Finally found a contractor
Diversified Construction - GrandTotal - $105,653.00
Painting (interior) - $1,900.00
Painting - (exterior) - $2,300.00
Wall paper - $650.00
Papering - $1,400.00
Garden Clean-up - $970.00
Hauling - $1,500.00
Material for curtains - $540.00
Sewing of Curtains and drapes - $1,120.00
Lost part of the house - a bathroom and one bedroom had to be eliminated in rebuilding. This should be a reduction in the worth of the house. Is it deductible?
Promotion of Album: The Sounds of Freedom
Craig wanted to sell tapes of his songs to pay for the production of a professionally produced tape he could sell commercially through regular outlets.
First, we produced a video with a professional singer and back-up musicians. We staged this at a home for the elderly so there would be an audience.
Costs: Film: $23.00
Dresses for singer and back-ups: $345.00
Singers fee: $100
Programs for audience: $45.00
Total: $513.00
After producing the tape, Craig managed to get a contract to perform at a mike that would give him national coverage on CNN at the Libertarian National Convention.
Costs:
Singers fee: $200
3 round trip plane fares to Chicago - $1,300.00
Hotel - $870.00
Meals - $430.00
Promotional Materials:
Production and graphics: $130.00
Printing: $45.00
Total: $2,975.00
Ron Weinstocks’s SS number: - Am trying to contact him.
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