- 6 -
trade or business during 1999 and 2000. The Court concludes that
what petitioner describes as an "intent" to return at some
indefinite future time to his former business was, in view of the
state of his health and the passage of time, more of a wish or
desire. Petitioner admitted that by then he "was wondering
about" whether he would ever be able to return. Even if
petitioner initially had the intent to return to his former
business after his retirement in 1990, by the time of the tax
years at issue here, his hiatus was no longer "temporary". The
Court concludes that petitioner was not engaged in a trade or
business or an activity for profit in 1999 and 2000.
The Court sustains respondent's determination that for 1999
and 2000, petitioner's pension income is not reportable on
Schedule C and petitioner did not incur ordinary and necessary
business expenses deductible on Schedule C.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be
entered for respondent.
Page: Previous 1 2 3 4 5 6 7
Last modified: May 25, 2011