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(wholesale activity), respectively. In operating her wholesale
activity, petitioner purchased merchandise including T-shirts,
sweatshirts, and apparel accessories that she sold through mail
order advertisements and in person as a street vendor. On
separate Schedules C for 1993 and 1994, petitioner listed her
second activity as "banking institutions" and "financial
consultant" (consulting activity), respectively. In operating
her consulting activity, petitioner did financial consulting work
for both private banking institutions and Government agencies.
On her Schedules C for 1993 and 1994, petitioner reported
the following items of income and expenses related to her
wholesale and consulting activities:
Wholesale Consulting
Description 1993 1994 1993 1994
Income:
Gross receipts or sales: $2,000 $0 $17,667 $22,738
Cost of goods sold:
Beginning inventory (2,450) (1,392) 0 0
Purchases (4,700) (1,613) 0 0
Ending inventory 1,392 150 0 0
(5,758) (2,855) 0 0
Gross income: (3,758) (2,855) 17,667 22,738
Expenses:
Advertising 575 326 0 0
Car & truck 4,634 1,363 1,372 5,481
Depreciation 1,785 0 0 1,288
Insurance 578 200 0 0
Other interest 942 0 0 0
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