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The amount claimed by petitioners as a credits report
deduction on Schedule C2 of their return in the amount of
$28,610 was reduced to the amount of $25,283 because the
amounts disallowed were determined to be nondeductible and/or
personal in nature.
The amount claimed by petitioners for business
development on Schedule C2 of their return in the amount of
$20,932 was disallowed because that amount was determined to
be a personal expenditure.
The amount claimed by petitioners as cost of loans on
Schedule C2 of their return, in the amount of $24,706 was
reduced to $8,579. The amount disallowed ($16,127) was
determined to be nondeductible and/or personal in nature.
The amount claimed by petitioners for contract labor on
Schedule C2 of their return, in the amount of $13,228 was
reduced to $11,920 because the amount disallowed ($1,308) was
determined to be personal in nature.
The amount claimed by petitioners for costs of funds on
Schedule C2 of their return in the amount of $12,886 was
disallowed because the amount claimed was determined to be
loan payments and/or other nondeductible items.
In a report dated October 25, 1996, respondent's
examining agent noted that petitioners' accountant had
prepared a general ledger for 1993 from information provided
by petitioners. Upon examining the various accounts contained
in the ledger, the examining agent opined that a number of
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Last modified: May 25, 2011