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Petitioner graduated from Temple University with a
bachelor’s degree in computer science. He also received a
master’s degree in management.
During 1993, petitioner owned four newsstands in the
city of Philadelphia. He operated a newsstand located in
Germantown. He rented a second newsstand located on Wayne
Avenue for $200 per month. He sold a third newsstand
located on Knox Street on July 12, 1993, to Mr. John
Ebataleye for $40,000. During 1993, petitioner received a
downpayment of $5,000 from that sale and monthly payments
of $972.22 for 6 months, a total of $10,832. A fourth
newsstand located at Broad and Oxford Streets was closed
throughout the year.
Petitioners’ return for 1993 includes a Schedule C,
Profit or Loss From Business, that reports net profit of
$3,250 from petitioner’s newsstand business, King
Newsstand. The income and expenses reported on the
Schedule C are as follows:
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