- 5 - 2. Schedules C Petitioner attached Schedules C to the March return and to the "amended return" he submitted to respondent. The activities reported therein included security brokerage services and the operation of a newsstand. a. Security Brokerage Services Respondent received a Form 1099, Miscellaneous Income, from RBA Associates, Inc., reporting that petitioner received nonemployee compensation of $1,024 in 2000. On the March return, petitioner attached a Schedule C for the principal business of "Retail Stand" reporting income of $1,024, costs of goods sold of $1,024, and expenses of $2,900. Attached to his "amended return" is a Schedule C-EZ, Net Profit From Business, for the principal business of "Security" reflecting gross receipts of $1,024 and total expenses of $1,024. Petitioner does not have any records pertaining to this transaction other than the Form 1099. He did not report any self-employment tax liability on the March return he submitted to respondent or on the "amended return" he submitted at trial. b. Newsstand In 2000, petitioner attempted to open a newsstand in South Philadelphia. Petitioner does not have any records pertaining to his expenses for the newsstand.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011