- 6 - 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:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011