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Brenner v. Commissioner, 62 T.C. 878 (1974); Crawford v.
Commissioner, 11 B.T.A. 1299 (1928). Petitioner argues that out
of fairness he nonetheless should be entitled to a deduction
because he included the loan amounts in the income of the
business when they were received by the business. We do not
accept petitioner’s evidence that he included the amounts in
income in 1990 and 1992. First, as noted above, the proffered
documents are not reliable evidence. Second, petitioner did not
treat the loan payments consistently. If he believed that the
business was required to report income when the loan was
received, and entitled to a deduction when the loan was repaid,
then it is unclear why petitioner as an individual did not do the
reverse--claim a deduction upon initial disbursement, and report
income upon repayment. These actions, of course, would have
canceled each other out for tax purposes because each would have
been reported on the same tax return. In any event, even if we
assumed arguendo that petitioner overreported income for 1990 or
1992, neither of those years is within our jurisdiction here.
The final issue for decision is whether petitioner is liable
for the penalties under section 6662(a).
Respondent determined that petitioner was liable for the
penalties only with respect to the portions of the underpayments
attributable to petitioner’s deduction of the business promotion
expenses and the tax and license expenses. Petitioner concedes
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