- 23 -
substantiated the claimed NOL carryover, and the claimed NOL
carryover is denied.
7. Standard Business Mileage Deduction
At trial, petitioner claimed that she was entitled to deduct
standard business mileage of $5,249.23. Although petitioner
attached to her individual return a Form 4562, Depreciation and
Amortization, reflecting 10,761 business miles driven by Vehicle
1 (a Cadillac) and 6,172 business miles driven by Vehicle 2 (a
truck), for a total of 16,933 business miles driven, petitioner
did not actually claim the deduction because she alleges that her
accountant mistakenly failed to claim it. We consider this
matter as an affirmative issue raised by petitioner.
Under section 274(d)(4), no deduction is allowed with
respect to listed property as defined in section 280F(d)(4)
unless the taxpayer adequately substantiates the expense, as
discussed above. Listed property includes any passenger
automobile and any other property used as a means of
transportation. Sec. 280F(d)(4)(A)(i) and (ii). A taxpayer may
deduct a mileage allowance for ordinary and necessary expenses of
local travel and transportation while traveling away from home.
Sec. 1.274(d)-1(a)(2)(iii), Income Tax Regs. The Commissioner is
authorized to establish the standard mileage rate that is deemed
to satisfy the substantiation requirements for purposes of
section 1.274-5T(c), Temporary Income Tax Regs., 50 Fed. Reg.
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011