- 3 - Nunn was employed by Tech Solutions as a marketing representative selling color printers and computer products. Mrs. Nunn was employed as a claims adjuster for State Farm Mutual Insurance Co. Petitioners reported total wages of $68,129 and $6,625 of Federal income tax withheld. Petitioners filed four separate Schedules C for the 1993 taxable year. The Schedules C were filed under the following business names: (1) Professional Gift Services; (2) C&M Distribution Co.; (3) the Nunn Mktgn Group; and (4) BCM Enterprises. All four businesses were operated from petitioners’ residence. The schedule below shows the gross receipts, returns and allowances, cost of goods sold, and business expense deductions reported for each Schedule C activity. Professional C&M The Nunn Gift & Distribution Mktgn BCM Services Co. Group Enterprises Income Gross receipts $1,589 $755 $8,878 $2,239 Less: Returns and allowances -- -- 1,407 338 Cost of goods sold 1,302 -- 6,979 1,232 Gross profit/income 287 755 492 669 Expenses Advertising 175 928 434 333 Car & truck expense 497 1,088 737 792 Insurance -- 950 450 333 Legal & professional -- -- 225 275 Office expense 370 442 455 1,233 Rent or lease -- 242 -- 231 Repairs & maintenance -- 432 475 545 Supplies 265 393 247 187 Travel -- 879 220 379 Meals & entertainment1 188 910 1,390 702Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011