- 4 -
writing and exchanged by the parties at least 15 days before the
first day of the trial session.” No such documents were shown to
respondent within the allotted time, and the Court ruled that
they were inadmissible at trial. Nevertheless, in the interest
of fairness respondent’s agent did consider petitioners'
documents and conceded deductions totaling $114,394, as follows:
Schedule C On 1040X Allowed
Advertising $4,271 $5,579
Car and truck 12,972 9,040
Depreciation 1,088 0
Insurance 283 283
Legal & prof. 3,441 3,441
Office exp. 1,244 1,244
Other business prop. 5,750 0
Supplies 5,736 3,625
Taxes and license 835 835
Meals & ent. 91 91
Utilities 811 811
Answering service 1,890 0
Bank charges 224 224
Consulting 1,500 1,500
Demos/training 81 81
Dues/pubs. 75 75
Equinox 16,009 0
Management fees 5,970 0
Misc. 310 310
Newspaper 10,813 0
Postage 471 471
Printing 781 781
Sales promotion 1,011 1,011
Telephone 6,292 6,477
Carriers 96,687 78,515
Totals $178,636 $114,394
Respondent's determinations in the statutory notice of
deficiency are presumed correct, and petitioners bear the burden
Page: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011