- 6 - then, JJT has reported net profits every year, as summarized in this table:2 Cost of Net Profit Year Receipts Goods Sold Expenses or Loss 1988 $7,566 $5,149 $4,091 ($1,674) 1989 4,250 6,141 1,649 (3,540) 1990 6,060 9,188 2,081 (5,209) 1991 6,135 5,801 6,621 (6,287) 1992 7,805 6,109 4,802 (3,106) 1993 6,060 5,677 9,389 (9,006) 1994 7,019 5,493 12,051 (10,525) 1995 7,124 -0- 7,016 108 1996 13,470 -0- 12,294 1,176 1997 14,426 -0- 13,200 1,226 1998 13,075 -0- 11,936 1,139 For the years in issue, JJT’s gross revenues were attributable to PSI and other sources (principally photography exhibitions) as follows: Gross Income Gross Income Year from PSI from Other Sources 1993 $6,060 -- 1994 6,060 $959 1995 2,460 4,664 For taxable years 1996 through 1998, producing photography exhibitions was the sole source of revenue for JJT. For the years in issue, petitioner claimed the following costs of goods sold and deductions on his Schedules C, Profit or Loss From Business (Sole Proprietorship) (Schedule C): 2 The record does not indicate the amount of JJT’s losses or other relevant tax information for years before 1988.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011