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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.
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Last modified: May 25, 2011