Richard Walter Drake - Page 2

                                          2                                           
          determined a deficiency in petitioner's Federal income tax for              
          the year 1993 in the amount of $2,972 and an accuracy-related               
          penalty in the amount of $534 pursuant to section 6662(a).  The             
          issues for decision are:  (1) Whether petitioner is entitled to             
          Schedule E deductions in excess of the amount allowed by                    
          respondent; (2) whether petitioner is entitled to a deduction for           
          a contribution to an Individual Retirement Account (IRA); (3)               
          whether petitioner is entitled to itemized deductions; and (4)              
          whether petitioner is liable for an accuracy-related penalty.               
               Some of the facts have been stipulated and are so found.               
          The stipulation of facts and the attached exhibits are                      
          incorporated by this reference.  Petitioner resided in Elberon,             
          New Jersey, at the time his petition was filed.                             
               Petitioner purchased the property located at 60 Norwood                
          Avenue in Elberon, New Jersey, approximately 20 years prior to              
          the year in issue.  The property was part of an old estate of               
          approximately 2-1/2 acres.  The original buildings included a               
          farmhouse, a cottage, a carriage house, a cow barn, and a second            
          barn.  Petitioner restored and rebuilt the property, and                    
          converted four of the buildings into rental units.  Petitioner              
          lived on the upper level of the carriage house and used the lower           
          level as a studio and storage area.                                         
               During the year in issue, petitioner made various repairs              
          and additions to the property.  After a sewer line broke,                   






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  Next

Last modified: May 25, 2011