2 decision is whether petitioners are entitled to a Schedule A deduction claimed for unreimbursed employee business expenses. Some of the facts have been stipulated and are so found. The stipulation of facts and exhibits received into evidence are incorporated herein by this reference. Petitioners resided in Dallas, Texas, at the time their petition was filed. During the tax year in question, Bill R. Thomas (petitioner) was a practicing certified public accountant and owner of an accounting practice, Thomas & Associates, P.C. Petitioner managed the office, supervised field audits, and performed consulting work. The business was organized as a professional corporation for which corporate tax returns were filed. Petitioner owned a second business, Thomas Business Brokerage, a sole proprietorship engaged in the sale of companies. Both the accounting practice and brokerage business required petitioner to travel locally and away from home. Petitioners owned four cars. Petitioner used one car for business travel, commuting, and some personal travel. Petitioner recorded the odometer readings of this car at the beginning and end of the taxable year. Petitioner also maintained a daily calendar on which he recorded names representing the clients with whom he met on that day. He did not write down the nature of the business conducted or a location of the meeting. At trial, petitioner testified as to approximate distances traveled and the nature of the business involved with respect toPage: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011