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Court by petitioners with their motion for costs–-lists the
following basis for settlement of the case:2
1992 1993 1994
Advertising expense $14,725 -0- -0-
Aircraft expense -0- -0- ($14,186)
Commission expense -0- ($31,000) -0-
Cost of goods sold -0- (2,204) -0-
Depreciation expense (471) (902) (832)
Gross receipts (16,808) 5,113 (200,250)
Insurance expense -0- (2,497) (1,868)
Interest income 228 524 -0-
Misc/other expense (2,624) (2,704) (3,444)
Net operating loss deduction -0- 18,775 28,789
Reclassification items (4,553) (17,062) (9,588)
Sale of oil royalties -0- 3,048 -0-
Taxes/licenses expense (2,228) (1,299) (3,463)
Travel expense (1,938) (4,882) (1,813)
Truck expense (6,960) -0- -0-
Utilities/phone expense (4,778) (4,587) (5,012)
Self-employment tax deduction 688 -0- -0-
Capital gains and losses -0- 2,460 (3,000)
Taxable Social Security -0- -0- -0-
Deduction for exemptions -0- -0- -0-
Total adjustments (24,719) (37,217) (214,667)
Taxable income on return (18,756) (39,689) (44,427)
Taxable income as adjusted (43,475) (76,906) (259,094)
A motion by petitioners to vacate the decision was filed on June
14, 1999, and was subsequently granted. A motion by petitioners
for litigation and administrative costs was filed on June 17,
1999.
2 The settlement adjustments seemingly do not accurately
reflect the adjustments agreed to by the parties, as reflected
elsewhere in the record. The reasons for these discrepancies are
unclear. The sole issue before the Court, however, is the
appropriate ruling on petitioners’ motion for litigation and
administrative costs.
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