- 7 -
Amount claimed
Expense item on return Amount allowed Adjustment
Car & truck –- $467 $(467)
Depreciation –- 856 (856)
Employee benefit
program $1,106 –- 1,106
Insurance 844 –- 844
Office expenses 514 154 361
Other rent 2,781 -– 2,781
Supplies 2,450 –- 2,450
Taxes &
licenses 1,776 1,024 751
Mortgage 879 879 –
Utilities 646 404 242
Totals $10,996 $3,784 $7,212
Respondent also disallowed petitioners’ claimed cost of
goods sold in its entirety on the grounds that petitioners had
failed to substantiate the amount of purchases and had failed to
establish the value of Columbia’s opening and closing inventories
for taxable year 1995. Respondent made no adjustment to the
amount of Columbia’s 1995 gross receipts as reported by
petitioners.
On February 15, 2000, petitioners filed their petition with
this Court. On March 27, 2000, respondent filed his answer,
requesting that his determination as set forth in the notice of
deficiency be in all respects approved. On October 2, 2000, the
trial was held in Columbia, South Carolina.
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Last modified: May 25, 2011