- 5 -
conceded the issue as to unreported income from the
distributions. In addition, petitioners completed Schedules C,
D, and E.
On the revised 1995 Form 1040, petitioner listed himself as
a "commodity broker" on Schedule C. Although he testified that
he has engaged in this activity since 1991 or 1992, petitioner
has never earned income from his commodity trading activity.
Petitioners claimed the following Schedule C expenses incurred in
commodity trading for 1995:
Car and truck expenses $450
Advertising 50
Commissions and fees 562
Repairs and maintenance 978
Supplies 393
Meals and entertainment 14
Utilities 255
Other expenses 1 614
Total claimed expenses 2 3,311
1 Petitioners' other expenses include $164 for the Wall Street
Journal and $450 paid to computer equipment suppliers.
2 Petitioners' claimed Schedule C expenses should actually total
$3,316. No explanation for the discrepancy is given in the
record, and it probably resulted from a mathematical error by
petitioners.
Petitioners also claimed Schedule E losses in the amount of
$3,435.2 Petitioners' claimed Schedule E losses were purportedly
2 Petitioners' claimed Schedule E losses include ordinary
losses of $509 and net short-term losses in the amount of $2,936.
Petitioners' claimed Schedule E losses should therefore actually
total $3,445. No explanation for the discrepancy is given in the
(continued...)
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011