- 11 -
208 Oak Street
Total Expense Petitioner's Share
Interest $59,242 $29,621
Advertising 934 467
Insurance 2,714 1,357
Utilities 9,728 4,864
Meals & ent. 352 176
Taxes 2,604 1,302
Cleaning & supplies 2,176 1,088
Office & misc. 2,096 1,048
Repairs 4,342 2,171
Total expenses 84,188 42,094
310 Oak Street
Total Expense Petitioner's Share
Interest $81,914 $40,957
Taxes 3,594 1,797
Total expenses 85,508 42,754
Deductions are strictly a matter of legislative grace, and
the taxpayer has the burden of establishing entitlement to any
deduction claimed. Deputy v. du Pont, 308 U.S. 488, 493 (1940);
New Colonial Ice Co. v. Helvering, 292 U.S. 435, 440 (1934). The
taxpayer's burden of establishing his entitlement to a deduction
includes the burden of substantiation. Hradesky v. Commissioner,
65 T.C. 87, 90 (1975), affd. per curiam 540 F.2d 821 (5th Cir.
1976). The Court is not bound to accept unverified, undocumented
testimony of the taxpayer. Id. Accordingly, section 6001 and
the regulations promulgated thereunder require the taxpayer to
maintain records sufficient to enable the Commissioner to
determine the taxpayer's correct tax liability. Meneguzzo v.
Commissioner, 43 T.C. 824, 831-832 (1965); sec. 1.6001-1(a),
Income Tax Regs.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011