- 5 -
Expenses of getting a new lease 595.00
Total claimed deduction 3,897.18
In addition to his employment with PSI during 1991,
petitioner also maintains that he was in some trade or business
related to the real estate industry. Petitioner held licenses to
appraise, broker, and sell real estate during the year in issue.
A Schedule C included with petitioners' 1991 return reflects the
following items:
Gross receipts -0-
Gross income -0-
Car and truck expenses $10,000
Office expense 4,345
Taxes and licenses 50
Other expenses
Materials 4,100
Journal 78
Total expenses 18,573
Net loss 18,573
Petitioner provided little detail as to how the specific
amounts of the deductions were computed. He did testify that the
automobile deduction related to a 1978 Buick Regal and a 1980
Oldsmobile Cutlass, vehicles that were acquired by petitioners
prior to 1991. He also testified that included in office
expenses were items such as cable television services fees,
newspaper and magazine subscriptions, and the costs of acquiring
a sofa, computer table, and other items of furniture, as well as
a portion of the rent paid on his Kokomo apartment. Petitioner
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