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1996 1997
Income
Gross receipts $555 $924
Cost of Goods sold 1,248 681
Gross income (loss) (693) 243
Expenses
Advertising 25 –--
Car & truck 4,398 6,918
Depreciation 1,732 1,074
Legal & professional services 435 395
Office expense 143 109
Repairs & maintenance 131 ---
Taxes & licenses --- 7
Travel 1,683 ---
Meals & entertainment 76 209
Other (unspecified) 3,681 6,437
Total expenses 12,304 15,149
Net income (loss) (12,997) (14,906)
The assets for which petitioners took a depreciation
deduction in 1996 are as follows: A “satellite”, a computer, a
computer upgrade, a computer hard drive, a telephone system,
software, a 1991 Ford, and a 1988 BMW. Petitioners did not
provide a list of the assets for which depreciation was claimed
in 1997.
Petitioners reported gross income (loss) and net losses for
the 5-year period during which they participated in the Amway
activity as follows:
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