- 3 - certain deductions. Petitioner wife was employed by the Federal National Mortgage Association as an analyst during 1993 and 1994. The first issue for decision is whether petitioners are entitled to trade or business expense deductions for 1993 and 1994 in excess of the amounts allowed and conceded by respondent. On a Schedule C attached to petitioners' 1993 return, petitioner reported gross income in the amount of $900 and claimed expenses in the total amount of $21,642.46 with respect to ADE. In the statutory notice of deficiency, respondent disallowed any deductions for the claimed expenses. After concessions by respondent, the following amounts remain in issue: Expense Claimed Concessions In Issue Advertising $420.00 - 0 - $420.00 Car & truck 9,504.00 - 0 - 9,504.00 Depreciation - 0 - 521.85 - 0 - Insurance 829.40 - 0 - 829.40 Interest - 0 - 528.09 - 0 - Legal services 295.00 - 0 - 295.00 Office expense 1,487.22 100.01 1,387.21 Rent or lease of business property 936.00 383.13 552.87 Repairs 3,200.00 - 0 - 3,200.00 Supplies 490.84 32.15 458.69 Taxes & licenses 280.00 976.89 - 0 - Travel 1,560.00 - 0 - 1,560.00 Meals & entertainment 960.00 - 0 - 960.00 Utilities 1,680.00 351.67 1,328.33 In addition to the amounts claimed on the 1993 Schedule C, petitioners claimed Schedule A employee business expenses for 1993 in the total amount of $3,324, listed as follows: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