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Collins. Mr. Collins has been a certified public accountant
since 1959.
Schedule C Expenses
On Schedules C of petitioners’ 1992 and 1993 returns,
petitioners reported no income and deducted the following
expenses and net loss from the restaurant business purportedly
conducted by petitioner at the 5401-9 S. Broadway property:
1992 1993
Expenses:
Insurance $9,200 $11,200
Legal and pro-
fessional services 1,400 5,000
Repairs and maintenance 2,700 4,964
Taxes and licenses 4,837 4,191
Utilities -- 271
Other--
Alarm system -- 300
Appraisals -- 3,000
Locksmith -- 53
Permits -- 275
18,137 29,254
Net loss (18,137) (29,254)
On Schedule C to their 1992 return, petitioners stated the
restaurant business had been in operation during all 12 months of
that year.
Schedule E Expenses
On Schedule E to their 1992 return, petitioners reported no
rental income and deducted the following expenses and net losses
from the 5401-9 S. Broadway property and another property located
at 5415 S. Broadway (the 5415 S. Broadway property):
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