- 3 -
this adjustment, suffice it to say that our holding infra with
respect to the Schedule C expenses, and the rationale therefor,
apply equally to these Schedule A expenses. Certain additional
adjustments made by respondent to petitioner’s itemized
deductions, exemptions, and self-employment tax are correlative
in nature and will be resolved by our holdings on the foregoing
issues.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulations of the parties, with accompanying exhibits, are
incorporated herein by this reference. At the time the petition
was filed in this case, petitioner resided in New York, New York.
Petitioner, a physician, timely filed Forms 1040, U.S.
Individual Income Tax Return, for 1997, 1998, and 1999. On each
of these returns, petitioner reported wage income from New York
University (NYU) Medical Center and attached corresponding Forms
W-2, Wage and Tax Statement. The amounts so reflected totaled
$231,959.95, $248,625.68, and $305,592.93, for 1997, 1998, and
1999, respectively. Petitioner also included with each return a
Schedule C for a “MEDICAL PRACTICE” with the stated name of “ALEC
MEGIBOW”. The Schedules C reported the income, expense
deductions, and net losses set forth below:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011