- 6 -
Income:
Gross receipts $105,600.00
Cost of Goods Sold1 (30,634.35)
Gross income $ 74,965.65
Expenses:
Advertising $ 866.90
Car and truck expenses 3,987.59
Insurance 1,111.67
Legal & professional 980.00
Office expense 446.59
Rent or lease (vehicles) 1,840.15
Rent or lease (other) 5,500.00
Repairs & maintenance 186.82
Supplies 1,309.94
Travel 8,413.70
Meals & Entertainment2 515.73
Other expenses3 2,783.77
Total expenses $27,942.86
Net profit $47,022.79
1 Includes Los Angeles apartment rental payments and
$36 per day claimed as per diem for 344 days away from
home.
2 Fifty percent of $1,031.46 expenses.
3 Consisted of expenses for equipment, miscellaneous,
parking, telephone, and dues & subscriptions.
Petitioners also included Schedules C with their 1995 and
1996 joint Federal income tax returns. For 1995, the
Schedule C included:
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Last modified: May 25, 2011