- 4 - On his 1993 Schedule C, Profit or Loss From Business (Sole Proprietorship), for Stan’s Pawn Shop, petitioner reported a net profit of $25,218 and deducted $29,978.80 for “Taxes and Licenses” and $63,000 for “Cost of Labor”. Petitioner did not report any capital gains or losses from the sale of stock or any income from partnerships on his 1993 return. He did not attach a Schedule E, Supplemental Income and Loss (from rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.), to his 1993 return. Petitioner’s spouse did not sign the 1993 return. E. Petitioner’s 1999 Bankruptcy Proceeding Respondent issued a notice of deficiency to petitioner on September 3, 1997. Petitioner filed a petition in this Court on November 5, 1997, and an amended petition on January 2, 1998. On March 2, 1998, respondent assessed $19,724 for petitioner’s 1993 income taxes. On September 7, 1998, respondent abated the $19,724 assessment, a $4,931 delinquency penalty, and $9,899.15 in interest. On April 8, 1999, the Tax Court calendared this case for trial at a trial session beginning September 13, 1999. Petitioner filed a petition in the United States Bankruptcy Court for the Southern District of Ohio on July 30, 1999. On September 10, 1999, the Tax Court stayed proceedings in this case and continued the case from the September 13, 1999, trial session.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011