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$35,757. In Part II of the 1992 Schedule C, Expenses, petitioner
and Ms. Brodsky claimed, inter alia, “Other Interest” of $9,000,
“Travel” of $300, and “Other expenses” of $2,408.10 The 1992
Schedule C showed “Total expenses before expenses for business
use of home” of $22,617, “Expenses for business use of your home”
of $7,189, and “Net profit or (loss)” of $5,951.
The 1992 joint return also included Schedule D, Capital
Gains and Losses (Schedule D). Part II of the 1992 Schedule D,
Long-Term Capital Gains and Losses, reported that on March 1,
1992, petitioner and Ms. Brodsky sold for $23,000 an interest in
the Church Street property, which they claimed they acquired on
March 1, 1990, that on the date of that sale they had a basis of
$50,000 in that property interest, and that they realized a loss
from that sale of $27,000. Part V of the 1992 Schedule D,
Capital Loss Carryovers from 1992 to 1993, reported all of that
claimed loss as a long-term capital loss carryover to 1993.
The 1992 joint return also included Schedule E in which
petitioner and Ms. Brodsky reported the Church Street property
and the Sanchez Street property as rental properties. In Part I
of the 1992 Schedule E, petitioner and Ms. Brodsky reported no
“Rental and Royalty Income” and claimed no “Rental and Royalty
Expenses” with respect to the Church Street property. In that
10Petitioner and Ms. Brodsky reported that the amount claim-
ed for “Other expenses” included, inter alia, $2,008 for “PHONE”.
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