- 2 -
Respondent determined a deficiency in petitioner’s 1998
Federal income tax in the amount of $1,507. After concessions by
respondent and deemed concessions by petitioner, this Court must
decide: (1) Whether petitioner is entitled to deductions claimed
on his Schedule C, Profit or Loss From Business; (2) whether
petitioner is entitled to a net operating loss deduction in
excess of that allowed by respondent; and (3) whether petitioner
is entitled to credits for excess Social Security taxes and for
Medicare taxes withheld from his wages during 1998.
Some of the facts in this case have been stipulated and are
so found. Petitioner resided in Jefferson, Texas, at the time he
filed his petition.
Petitioner timely filed his Federal tax return for the
taxable year 1998 (1998 return). Petitioner’s principal source
of income for the 1998 taxable year was from his activity as a
cross-country truck driver.
During 1998, petitioner also operated a machine shop from
his building located on the property of his mother.
Petitioner attached to his 1998 return a Form W-2c,
Corrected Wage and Tax Statement, from his employer, Key Boys
Inc. (Key Boys). The Form W-2c reported petitioner’s wages from
Key Boys during 1998 as $50,334 (all amounts are rounded) and
$2,199 as Federal income tax withheld. The Form W-2c reported
petitioner’s Social Security tax withheld and Medicare tax
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011