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Petitioner has conceded that for the year in issue, he
omitted from his Schedule C gross receipts from his law
practice in the amount of $19,125.
Petitioner reported the following capital gains and
losses on the Schedule D attached to his return, and he
reported the following ordinary income on Form 4797,
Sales of Business Property, attached to his return:
Schedule D Form 4797
Gain from the sale of 2709 NW 12th $17,026 $2,762
Gain from the sale of 1809 Carey Place 58,113 850
Loss from the sale of the "Edmond Lot" (3,456) --
71,683 3,612
Finally, petitioner reported rental income and
expenses from the Cloudia and three residential rental
properties on Schedule E, Supplemental Income and Loss.
Petitioner's Schedule E claims an aggregate loss of
$78,751, of which $74,350 is attributable to the Cloudia.
Petitioner's Schedule E reports the following:
Activity 2709 NW 12th 1813-15 NW 22d 1809 Carey Pl. Cloudia Total
Rents received -- $3,914 -- $600 $4,514
Cleaning and
maintenance -- 350 -- 3,500 --
Insurance -- 585 -- -- --
Legal and
professional fees -- -- -- 500 --
Mortgage interest -- 630 -- -- --
Repairs -- 1,335 -- 1,257 --
Supplies -- 1,783 -- -- --
Taxes -- -- -- 557 --
Slip rental -- -- -- 6,900 --
Utilities -- 1,736 -- 300 --
Depreciation $113 1,483 -- 20,741 --
Total expenses 113 7,902 -- 33,755 --
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Last modified: May 25, 2011