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business or profession listed as "CPA", operating under the
name of "Gary Friedmann CPA". Petitioner reported the
following income and expenses for that business on the
Schedules C:
1989 1990
Gross receipts or sales $177,072 $175,790
Returns and allowances 103,784 97,854
Gross income $73,288 $77,936
Car and truck expenses 7,946 8,584
Depreciation 5,096 5,096
Interest
Mortgage -0- -0-
Other 187 -0-
Legal and professional servs. 2,000 -0-
Office expenses 21,935 21,041
Rent
Machinery & equipment -0- -0-
Other business property 4,600 6,308
Repairs 403 632
Travel, meals & entertainment
Travel 6,089 17,940
Meals and entertainment $25,051 $27,359
20% of meals 5,010 5,472
20,041 21,887
Utilities 920
Other expenses
Telephone 6,025 3,100
Legal 1,600 5,000
Dues 132 600
Assoc. 3,600
Gifts 719 1,109
Publications 600 700
12,676 10,509
80,973 92,917
Net profit or (loss) -7,685 -14,981
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