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Miscellaneous Itemized Deductions
With respect to the claimed $1,000 consulting fee in excess
of the $9,000 allowed by respondent, petitioner has failed to
demonstrate that the $1,000 was paid for management,
conservation, or production of income or income-producing
property, and we sustain respondent's disallowance thereof.
With respect to the claimed $2,500 investment loss and the
claimed $750 legal fees, the evidence provides no basis to
support these claimed deductions, and we sustain respondent's
disallowance thereof.
IRA Distribution
With regard to the $5,149 IRA distribution that petitioner
received from Great-West, petitioner has not established that the
10-percent additional tax on the $895 taxable portion of the
$5,149 distribution does not apply, and we sustain this
additional tax.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011