- 5 -
petitioner reported total income in the amount of negative
$19,611, consisting of a “prior year NOL” in the amount of
$14,672 and a net loss from her marketing business in the
amount of $4,939. Petitioner attached to her return a Schedule
C, Profit or Loss From Business, reporting income and deducting
expenses as follows:
Income
Gross receipts $94,064
Less: cost of goods sold -61,004
Gross Profit 33,060
Expenses
Advertising $1,838
Car expenses 4,682
Insurance 765
Legal & professional 1,525
Office expense 2,647
Rent or lease (vehicle) 4,011
Rent (other business property) 7,200
Repairs/Maintenance 1,821
Travel 3,271
Meals/entertainment $2,162
Less: 50% -1,081 1,081
Utilities 2,690
Other
Dues & memberships $830
Telephone 4,848
Bank charges 790 6,468
Total expenses 37,999
Net loss 4,939
On her 1995 Schedule C, petitioner made no entry on line
30 for “Expenses for business use of your home”, nor did
petitioner attach Form 8829, Expenses for Business Use of Your
Home, to her 1995 return.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011