- 6 -
During 1996, Mr. Grenville-Jones prepared for petitioners an
amended return for 1993 (1993 amended return) that they submitted
to the IRS on November 27, 1996. In Schedule C of that amended
return relating to petitioner's automobile repair activity (1993
amended Schedule C), petitioners reported gross receipts of
$2,100, total expenses of $14,730, and a net loss of $12,630.
The total expenses claimed in the 1993 amended Schedule C con-
sisted of the following items:
Expense Amount
Advertising $280
Car and Truck Expenses 2,160
Depreciation 3,455
Interest 2,269
Other Interest 645
Legal and Professional Services 192
Office Expense 105
Repairs and Maintenance 60
Supplies 2,366
Travel 910
Meals and Entertainment 362
Utilities 423
Other Expenses3 1,505
Petitioners also attached a Form 4797 to their 1993 amended
return, which was identical to the Form 4797 that they attached
to their 1993 return and in which they claimed a $13,010 loss
from the sale of petitioner's Ferrari. Petitioners asserted in
3 Included within the "Other Expenses" category in petitioners'
1993 amended Schedule C were the following claimed expenses:
"telephone" of $980; "postage" of $63; "dry cleaning" of $29;
"publications" of $181; "bank charges" of $150; and "membership
prof associations" of $100.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011