- 5 - Respondent also determined in the notice of deficiency that petitioners had failed to report interest income in the aggregate amount of $489 that they had received during 1993 from accounts at three banks. Finally, respondent determined that petitioners had failed to report “rental income” in the amount of $14,067. At trial, petitioners introduced into evidence an amended return on Form 1040X. Petitioners had submitted the amended return to the Internal Revenue Service prior to trial, but it was never processed and the notice of deficiency is based upon petitioners’ original return. The amended return claims cost of goods sold with respect to petitioner’s newsstand business in the amount of $11,809, the amount determined in the notice. The amended return also reports rental income from “News Stand Rental” in the amount of $14,067, the amount determined in the notice. The Schedule C attached to the amended return reports the following income and expenses:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011