- 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.
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