- 159 -
Taxable Income
Reported by petitioner $2,058
Determined by respondent $352,671
Tax
Reported by petitioner - 0 -
Determined by respondent $160,671
Self-employment Tax
Reported by petitioner $509
Determined by respondent $5,166
Political Contribution Credit
Reported by petitioner ---
Determined by respondent $50
Earned Income Credit Recapture
Determined By Respondent $454
1987:
Schedule C Income
Amount Reported Amount Determined Total Adjustment
$138,653 $1,157,509 $1,018,856
Deduction Allowed in
Description of Deduction Deduction Claimed Notice of Deficiency
Appraisal expense --- $630
Car and truck expenses $5,152 - 0 -
Commissions 2,840 3,441
County recording fee expenses --- 9
Depreciation expense --- 8,579
Development expense --- 106
Dues and publications 1,649 75
Engineering expenses --- 2,272
Interest:
Mortgage (paid to
financial institutions) --- - 0 -
Other 619 213,685
Legal and professional expenses --- 8,115
Office expense 13,104 126
Repairs 41,554 - 0 -
Taxes 24,290 20,509
Title insurance expense --- 10,979
Travel 2,325 - 0 -
Utilities and telephone 2,901 - 0 -
Total 94,434 268,526
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