- 160 -
Itemized Deductions
Reported by petitioner ---
Determined by respondent $41,021
Personal Exemptions
Reported by petitioner (2)$3,800
Determined by respondent (2) $3,800
Taxable Income
Reported by petitioner $37,879
Determined by respondent 845,510
Tax
Reported by petitioner $7,515
Determined by respondent $316,971
Self-employment Tax
Reported by petitioner $5,387
Determined by respondent $5,387
1988:
Schedule C Income
Amount Reported Amount Determined Total Adjustment
$61,921 $576,668 $514,747
Deduction Allowed in
Description of Deduction Amount of Deduction Notice of Deficiency
Advertising expense --- $265
Appraisal expense --- 1,500
Car and truck expenses $986 - 0 -
Commissions 3,750 3,467
County recording fee expenses --- 146
Depreciation expense --- 8,579
Development expense --- 604
Dues and publications 555 - 0 -
Engineering expenses --- 9,500
Interest:
Mortgage (paid to
financial institutions) --- - 0 -
Other 19,272 222,133
Legal and professional services 3,986 5,885
Office expense 823 173
Repairs 10,182 - 0 -
Taxes 510 56,057
Title insurance 0 (1,435)
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