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2. Copies of invoices for credit reports
from SARMA and any other reporting
services that total $25,283 for 1993.
3. Invoices to substantiate Business
Development expense of $20,932 less the
$5,000 loan payment that the taxpayer
included in this account. The examiner
has allowed 60% based on an estimate
because the taxpayer did not provide
substantiation during the examination.
Since this is not acceptable to the
taxpayer, the full amount needs to be
verified.
4. Invoices for $1,417.84 from American
Express and $1,000 from Centurion deducted
as a cost of loans.
5. Invoices from The Platinum Card for
$760.47 and $348.00 that was deducted as
labor costs.
6. Invoices or other substantiation for
the $7,296.29 deducted as cost of funds.
Thanks for your cooperation.
By letter dated July 9, 1997, Mr. Leeper responded to the
appeals officer's letter of June 20, 1997, and provided to
respondent the requested documentation, including those
invoices showing payments to "Sarma".
On July 22, 1997, within 2 weeks from having received the
substantiation from Mr. Leeper that was requested by
respondent, the appeals officer forwarded to Mr. Leeper a
proposed stipulation and decision document. On October 1,
1997, the parties filed a stipulation of settlement in this
case.
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Last modified: May 25, 2011