- 3 -
Gross receipts or sales $-0-
Cost of goods sold -0-
Gross profit -0-
Car and truck expense 3,912
Mortgage interest 1,712
Net profit (loss) (5,624)
In each of the years in issue, petitioners filed a Schedule C
which named petitioner as the proprietor and listed “mental
health services” or “mental health and other services” as the
principal business. These schedules reflected the following
losses:
1996 1997 1998 1999
Gross receipts or sales $76 $-0- $1,320 $-0-
Cost of goods sold 24 -0- -0- -0-
Gross profit 52 -0- 1,320 -0-
Advertising 36 75 272 -0-
Car and truck expense -0- 4,530 3,575 -0-
Depreciation 3,512 7,495 2,907 768
Insurance -0- 391 1,770 -0-
Legal and professional -0- 1,385 1,355 62
Office -0- -0- 1,245 -0-
Rental -0- -0- 3,210 -0-
Repairs and maintenance -0- -0- 1,113 -0-
Supplies 1,214 12,196 10,451 244
Taxes and licenses -0- -0- 932 -0-
Travel -0- -0- 641 -0-
Utilities -0- 256 -0- -0-
Educational expense 5,740 -0- 8,123 -0-
Net profit (loss) (10,450) (26,328) (34,274) (1,074)
Finally, in 1999 petitioners filed a Schedule C which named
petitioner as the proprietor and listed “developmental research”
as the principal business. This Schedule reflected the following
loss:
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Last modified: May 25, 2011