- 2 - Respondent determined deficiencies in petitioners' 1990 and 1991 Federal income taxes in the amounts of $2,896 and $1,843, respectively. The sole issue for decision is whether petitioners are entitled to claim deductions for political contributions as ordinary and necessary business expenses under section 162. Some of the facts have been stipulated and are so found. The stipulations of fact and attached exhibits are incorporated herein by this reference. Petitioners resided in McLoud, Oklahoma, on the date the petition was filed in this case. Hereinafter, references to petitioner in the singular are to James Walker. Petitioner is an attorney who specializes in lobbying activities. During 1990 and 1991, he represented business clients involved in banking, savings and loans, dentistry, insurance, and the cable and trucking industries. During 1990 and 1991, petitioner traveled to Washington, D.C. to lobby on behalf of his cable, trucking and savings and loan clients, and regularly attended Oklahoma legislature meetings as a lobbyist. Petitioner was reimbursed by his law firm, a professional corporation, for business expenses including travel, meals, and entertainment which petitioner incurred in the performance of his lobbyist activities. The law firm, in turn, was reimbursed for these expenses by the clients the firm represented.Page: Previous 1 2 3 4 5 Next
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