- 2 - deficiency was based on petitioners' joint amended 1994 income tax return filed on December 6, 1996. The issues for decision are: (1) Whether petitioners are entitled to the following deductions claimed on Schedule C: Robbery from PNC Bank, $9,540; lottery shortage, $11,744; car and truck, $3,120; repairs and maintenance, $4,944; (2) whether petitioners had unreported gross income of $11,667 from the sale of a newsstand and unreported interest income of $227; and (3) whether petitioners are liable for the accuracy-related penalty under section 6662(a).2 FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated herein by this reference. Petitioners resided in Wyndmoor, Pennsylvania, at the time they filed their petition. During 1994, Mr. King owned King's Newsstand. Pennsylvania State lottery tickets were sold at King's Newsstand. As a retail distributor of Pennsylvania State lottery tickets, Mr. King was required to set up a lottery bank account and to submit winning 1(...continued) all Rule references are to the Tax Court Rules of Practice and Procedure. 2Petitioners have not objected to respondent's determinations regarding self-employment tax and a deduction resulting from that tax.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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