- 10 -
these items as not complying with the statutory requirements of
section 274.
As to the remaining items, we find that petitioner paid and
is entitled to a deduction for telephone expenses in the amounts
of $7,735 for 1990 and $6,616 for 1991, in addition to the items
respondent has conceded. With respect to the other claimed
deductions, the only documents presented to substantiate
petitioner's claimed business expenses were credit card
summaries, charge slips showing various purchases, and a crude
ledger for 1990, which appears to have been prepared from
canceled checks. These credit card summaries contain personal
expenses,7 what appears to be military memorabilia-related
expenses, and what purports to be business expenses. Other than
the credit card summaries and petitioner's less then credible,
vague, and self-serving testimony, there is no corroborative
evidence of the business purpose of these expenses. As we have
stated many times before, this Court is not bound to accept a
taxpayer's self-serving, unverified, and undocumented testimony.
Tokarski v. Commissioner 87 T.C. 74, 77 (1986). While there are
undoubtedly business expenses contained within the credit card
7For example, airfares for family members and third parties
not employees of STG, a limousine rental for petitioner's
daughter who was not an employee, items noted as apparel and
accessories, leather goods and accessories, fine art and frames,
and jewelry and gifts.
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