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at issue in this proceeding. At the time they filed the
instant petition, petitioners resided in Sicklerville, New
Jersey.
Petitioner is a bricklayer. His returns for 1986 and
1987 report wages of $15,119 and $10,123, respectively,
that appear to be from employment as a bricklayer. Circa
1984, he entered into the business of dealing in used
automobile parts. Petitioner’s 1986 and 1987 income tax
returns include Schedules C, Profit or (Loss) From Business
Or Profession, that report income and deductions from an
automobile parts sales business operating under the name B
& D Auto Parts. The Schedules C report the following
income and deductions:
B & D Auto Parts 1986 1987
Gross receipts or sales $103,329 $109,029
Cost of goods sold -91,429 -96,453
Gross profit 11,900 12,576
Deductions
Car and truck expenses 3,315 3,540
Office expense 22 25
Utilities and telephone 297 289
Total deductions 3,634 3,854
Net profit or (loss) 8,266 8,722
Petitioners’ returns for 1986 and 1987 were prepared by a
public accountant, Mr. Dennis F. Judge.
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