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Gross receipts or sales $16,381
Returns and allowances --
Costs of goods sold 11,809
Gross profit 4,572
Other income (lottery commissions) 34,857
Gross income 39,429
Expenses
Advertising 882 --
Bad debts –- --
Car and truck expenses 2,132 --
Insurance 1,000 --
Mortgage interest –- --
Legal and professional 800 --
Repairs and maintenance 7,399 --
Supplies 1,684 --
Taxes and licenses 1,362 --
Travel –- --
Meals and entertainment –- --
Utilities 450 --
Other expenses
Telephone 1,382 --
Independent contractors 4,609 --
Bank charges 518 --
PA lottery shortage 10,561 --
United News/SEPTA-payment 956 --
Lottery service charge 936 --
Cleaning 520 --
35,191
Net profit 4,238
OPINION
The only issue specifically addressed in petitioners’
posttrial brief is the amount of expenses petitioners are
entitled to deduct in connection with their newsstand
business. They argue that at trial they proved total
expenses of $39,403.
In their posttrial brief, petitioners do not take
issue with respondent’s determination that the cost of
goods sold for their newsstand business is $11,809. As
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Last modified: May 25, 2011