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B. Stan’s Pawn Shop
Petitioner owned Stan’s Pawn Shop. He occasionally went to
the shop to oversee its operations. His former best friend and
his nephew managed the shop. His parents also worked there.
Petitioner did not draw paychecks, have regular work hours, or
receive Forms W-2, Wage and Tax Statement, or Forms 1099-MISC,
Miscellaneous Income, from Stan’s Pawn Shop.
Stan’s Pawn Shop did not file a partnership return or
Schedule K-1, Partner’s Share of Income, Credits, Deductions,
Etc., for 1993.
C. Sale of Stock
In 1993, petitioner sold Hartmarx stock for $3,471, Keller
stock for $11,296.20, and TINT stock for $8,013.04. His basis
was $1,959.65 for the Hartmarx stock, $11,123.80 for the Keller
stock, and $5,315.52 for the TINT stock. In 1993, he also
received $12,560 from the sale of Cats 0% stock.3
D. Petitioner’s 1993 Income Tax Return
Petitioner received an extension to August 15, 1994, to file
his 1993 Federal income tax return. He filed his 1993 return on
February 2, 1995.
Petitioner deducted $900 for self-employment health
insurance on his 1993 Form 1040, Individual Income Tax Return.
3 There is no evidence in the record of petitioner’s basis
in the Cats 0% stock.
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