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Profit or Loss From Business. Petitioner described his business
on his Schedule C as a part-time real estate loan officer.
Petitioner reported income and claimed expenses on his Schedule C
as follows:
Income
Gross receipts $22,331
Less: Cost of Goods Sold ---
Gross profit/gross income 22,331
Expenses
Advertising $3,538
Car & truck expenses 4,614
Insurance 928
Legal & professional services 3,540
Office expense 3,654
Repairs & maintenance 678
Supplies 593
Taxes & licenses 472
Utilities & telephone 1,669 19,686
Net profit 2,645
Petitioner also attached to his 1998 income tax return
Schedule SE, Self-Employment Tax, and reported self-employment
tax in the amount of $374. Petitioner claimed a deduction for
one-half of this amount, or $187, on page 1 of his Form 1040.
See sec. 164(f).
Petitioner dated his 1998 income tax return “8/14/99" and
mailed it to respondent’s service center in Fresno, California.
The envelope in which petitioner mailed his return bears a U.S.
Postal Service postmark date of August 16, 1999. Petitioner’s
return was received by respondent’s service center 2 days later,
on August 18, 1999.
Petitioner filed his 1998 income tax return pursuant to Form
4868, Application for Automatic Extension of Time To File U.S.
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