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Schedule C Expenses
Petitioner claimed the following expense deductions on
Schedule C of his 1994 Federal income tax return:
Supplies expense $6,500
Taxes & licenses 49,000
Travel 16,500
Meals and entertainment 14,400
Other expenses 21,450
Total 107,850
Petitioner has produced a New York Statement of Income Tax
Adjustment for 1994 (New York income tax adjustment) and an
undated, handwritten New York State Estimated Income Tax Payment
Voucher for the 1994 taxable year (Estimated Income Tax Voucher)
in connection with the amount claimed as a deduction for State
income taxes. The New York income tax adjustment shows that
petitioner estimated his 1994 New York State income tax liability
to be $25,000 when he submitted Form IT-370, Application for
Automatic Extension of Time to File for Individuals, and had
$2,610 withheld in New York State income tax for the 1994 taxable
year which respondent has allowed as an itemized deduction on
Schedule A of petitioner's 1994 Federal income tax return. The
New York State Department of Taxation and Finance determined that
petitioner made an overpayment of $27,610 for the 1994 taxable
year but applied the overpayment to other liabilities.
Petitioner has submitted copies of his 1994 American Express
Card statements to establish travel, meals, and entertainment
expenses.
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Last modified: May 25, 2011