George F. Walker - Page 6

                                        - 6 -                                         

                    Travel              230.99                                        
                    Meals and enter.    5,797.18                                      
                    Utilities           1,305.27                                      
                    Membership          272.00                                        
                         Total     24,321.55           $24,321.55                     
               Net loss . . . . . . . . . . . . . . .  (24,321.55)                    
                                    Schedule C #2                                     
          Principal Business:  Management consulting, training                        
                              development, jewelry, multilevel                        
               Gross receipts . . . . . . . . . . . . . $900                          
               Cost of goods sold . . . . . . . . . . . 1 483                         
               Gross income . . . . . . . . . . . . . .  417                          
               Expenses . . . . . . . . . . . . . . .    -0-                          
               Net profit . . . . . . . . . . . . . . .  417                          
               1In the notice of deficiency, respondent disallowed all of             
          petitioner's Schedule C expenses.  Respondent's posttrial brief             
          states that the activity in question is petitioner's minority               
          student education programs, and no mention is made concerning the           
          jewelry, multilevel business.  We therefore take this as a                  
          concession by respondent that the $483 cost of goods sold related           
          to petitioner's jewelry, multilevel business is allowable.                  

          Petitioner has conceded that he was not entitled to several of              
          the expenses claimed in his return as originally filed.3                    
               At trial, petitioner asserted that his minority student                
          education programs research, experimentation business (minority             
          education business) consisted of minority education programs that           

               3Petitioner has conceded that he is not entitled to claim              
          advertising expenses of $1,026 and legal services expenses of $81           
          as claimed on his original 1990 Federal income tax return.                  
          Further, petitioner has conceded that he is not entitled to                 
          $31.88 of the total insurance expense, $777.92 of the total                 
          interest expense, and $1,363.65 of the total travel expense                 
          claimed on his original 1990 Federal income tax return.                     




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