- 6 -
Capital gain -0- 16,471 -0- -0- -0-
Interest income -0- 2,339 53 70 5
Wage income -0- -0- -0- 241 678
Dividend income -0- -0- 27,967 13,627 -0-
NOL -0- (3,038) -0- -0- -0-
Total adjustments 60,889 140,585 48,025 98,786 6,136
AGI as filed (75,805) (115,973) -0- -0- -0-
Tax. inc. as rev. (14,916) 24,612 48,025 98,786 6,136
1 Respondent disallowed all of petitioner’s reported
expenses except for: (1) The car and truck expense of $297
and the licenses expense of $26 reported for 1989 and (2) the
legal and professional expense of $356 reported for 1991.
Respondent explained in the notices of deficiency that he had
disallowed the self-employment expenses on the basis of his
determination that they were not ordinary and necessary business
expenses. Respondent explained further that petitioner could
deduct the following amounts as itemized deductions, rather than
as business expenses:
1989 1990 1991
Mortgage interest:1
Barnett Bank $8,698 $6,988 $5,059
SouthTrust Bank 733 350 -0-
Charles Williams 25,658 33,534 32,184
35,089 40,872 37,243
Taxes 2,856 -0- -0-
Investment interest 1,808 2,339 22,144
39,753 43,211 59,387
1 The interest paid to Barnett Bank and
Charles Williams concerned mortgages on the
Oceanside Blvd. property. The interest paid
to SouthTrust Bank concerned a mortgage that
Ms. Ihlenfeldt had on a mobile home unrelated
to the Oceanside Blvd. property.
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Last modified: May 25, 2011