- 36 - expenses are substantiated and would otherwise be deductible by petitioners. Respondent allowed petitioners total itemized deductions of $10,127 computed as follows: Expense Amount Medical expense Total medical expenses $1,916 Less 7.5% AGI (31,451) Medical expense deduction -0- Taxes 558 Home interest expense 3,712 Contributions 14,702 Misc. expenses Total misc. expenses 3,559 Less 2% AGI (8,387) Excess misc. expense deduction -0- Total 18,972 Less applicable limitation1 (8,845) Total itemized deductions 10,127 1Computed on adjusted gross income of $419,340. The OMK Company Trust claimed total deductions of $129,899, including $3,729 for fiduciary fees, $56,871 for charitable contributions, $900 for attorney’s, accountant’s, and return preparer’s fees, $15,970 for continuing education, $6,037 for travel expenses, $448 for dues and subscriptions, $2,461 for medical, $2,224 for investment expenses, $6,457 for publishing costs, $6,724 for rentals, $760 for repairs and maintenance, $12,041 for supplies, $1,845 for 50 percent of the cost of meals, $4,043 for other trust expenses, and $9,389 for a net operating loss. The OMK Family trust claimed deductions of $120 forPage: Previous 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Next
Last modified: May 25, 2011