- 14 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Last modified: May 25, 2011