- 6 - 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 --Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011