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State of Texas
Tarrant County
EQUIPMENTS [sic] RENTAL AGREEMENT
LESSOR: CHUNG V TRAN
LESSEE: KHUY T BUI
1. EQUIPMENTS [sic]: Sewing machines and equipments
[sic] as needed
2. TERM: Cash, $600 per month for 12 months
in 1988
total of $7200
Lessor agreed to repair and maintain
all the equipments [sic] as needed per Lessee in good use
condition.
Lessee can not assign or sub-let all
the equipments [sic] to other persons without the agreement
of Lessor
In the event of any breach of the
agreement Lessor can have full rights to terminate this
lease in accordance with state law and re-claim possession
of the leased equipments [sic].
Signed and agreed on this 4th day of Jan 1988.
LESSOR: CHUNG V TRAN
LESSEE: KHUY T BUI
Aside from this rental agreement, petitioners are unable to
produce any written record or other documentation reflecting
actual payment of the rent. Respondent, therefore, disallowed
the claimed deduction due to lack of substantiation.
In taxable years 1988 and 1989, petitioners reported gross
receipts from their sewing business in the amounts of $237,737
and $123,407, respectively. Because petitioners failed to
maintain records or other written documentation reflecting the
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Last modified: May 25, 2011