- 142 -
deductions that petitioner claimed for travel and entertainment,
cash expenses, and car expenses in that year. Only $67,686.10
was recorded on CTC's disbursements journal. Petitioner's travel
diary reflects cash expenses of no more than $6,888. Many of the
cash expenses were personal.
Petitioner's travel and entertainment expenses claimed in
1978 included expenses with respect to his various activities in
Naples, Florida, including activities of the separate
corporations and partnerships of Caspian Development, dealings
with Bill McCabe, and the Gramercy. His claimed travel and
entertainment expenses in 1978 also included expenses relating to
the sale of his Diesel Power stock and his arbitration with Mr.
Khalatbari.
Petitioner has not established which travel and
entertainment expenses for 1978 were personal and which were
business related. Therefore, he is not entitled to the claimed
deduction for that year.
1979
Although petitioner claimed a deduction for 1979 of $41,444
for travel and entertainment expenses and for automobile expenses
of $3,936, only $33,406.04 is recorded in CTC's disbursements
journal. Petitioner conceded $2,141.25 as unidentified.
Travel and entertainment expenses that petitioner claimed in
1979 included expenses relating to various projects in Naples,
Page: Previous 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 NextLast modified: May 25, 2011