- 7 - did not testify or provide any evidence about his gas expenses or tolls. Petitioner did not have a log, records, or other corroboration showing the mileage, dates, locations, or business purpose of any of the vehicle trips as required under section 274(d)(4). We conclude that he may not deduct more than respondent has allowed. 3. American Express Charges Petitioner contends that he used his American Express credit card to pay $11,278 more than respondent allowed for Elan’s expenses. He testified that the payments were for business meals, but he conceded that he could not substantiate that any of these meals had a strict business purpose. Petitioner has not met the substantiation requirements of section 274(d)(1). 4. Depreciation Petitioner contends that respondent should have allowed Elan to claim an additional $3,090 for depreciation. We disagree. Elan is not a party here; even if it were, petitioner has not offered any evidence to show that Elan is entitled to additional depreciation. 5. Conclusion We conclude that petitioner paid $26,134 of Elan’s business expenses from the $146,193 which he received for Elan but did not deposit in Elan’s bank account.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011