- 5 -
completion of condominium per section 4 and wife is
given deed to her unit, or death of the husband.
During 1990, petitioner paid Mary Walker a total of $2,400.
Petitioner claimed that these payments were deductible alimony on
his 1990 Federal income tax return; however, Mary Walker did not
report these payments as income on her 1990 Federal income tax
return.
Petitioner filed his 1990 Federal income tax return on
May 24, 1993. On Schedule C of this return, petitioner reported
gross sales of $900 from a business described as "Management
Consulting, Training Development, Jewelry, Multilevel". Cost of
goods sold of $483 was reported, and petitioner claimed other
expenses totaling $27,485, resulting in a net loss of $27,068.
On May 23, 1994, petitioner filed an amended Federal income
tax return for 1990. In the amended return, petitioner filed two
Schedules C which separated the activities reported in his
original Schedule C as follows:
Schedule C #1
Principal Business: Minority Student Education Programs
Research, Experimentation
Gross receipts . . . . . . . . . . . . . -0-
Gross income . . . . . . . . . . . . . . -0-
Expenses
Car and truck $9,849.75
Insurance 401.66
Interest 1,814.58
Office expense 1,800.00
Rent/other prop. 918.00
Repairs and main. 149.05
Supplies 1,783.07
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011