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Schedule C - Innovative
1992 1993
Gross receipts $59,041 $114,066
Expenses:
Advertising1 8,014 3,118
Commissions & fees 550 -0-
Depreciation 5,775 215,100
Rental or lease 1,015 321
of vehicles, machinery,
& equipment
Repairs & maintenance 37,046 86,002
Taxes and licenses 129 811
Travel, meals & 3,674 5,309
entertainment
Fuel 4,619 10,702
Other expenses3 2,357 2,609
Total expenses 63,178 123,972
Profit (Loss) (4,137) (9,906)
1These expenses refer to the payments made by Innovative to
trade publications in which Dolphin advertised.
2The depreciation deduction was claimed on both the race car
and a trailer used to transport the car to race locations. The
trailer was purchased in 1993.
3Boat fuel expenses relating to the fuel provided by Dolphin
to power boats were listed under this category. See infra p. 13.
Respondent disallowed all deductions claimed by Mr. Ciaravella on
the Innovative Schedules C on the ground that the expenses were
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