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on Form 4684. Petitioner attached no documentation to his
revised Form 1040 to support any of the itemized deductions.
On Form 4684, petitioner described the property for which he
claimed a casualty or theft loss as: “Personal, Cedar Springs,
Ga, 04/22/47”. The personal property referred to certain
employment rights that petitioner allegedly forfeited in a
collective bargaining agreement that his labor union entered into
sometime before 1997. “Cedar Springs, Ga” is the location of
GNNC, which is the paper mill where petitioner works. The date
“04/22/47” is petitioner’s birth date. The Form 4684 reflected
in pertinent part as follows:
Line 2. Cost or other basis of each property $10,900
Line 5. Fair market value before casualty or theft43,600
Line 6. Fair market value after casualty or theft10,900
Line 7. Subtract line 6 from line 5 32,700
Line 10. Casualty or theft loss. * * * 10,900
Line 11. Enter the amount from line 10 or $100,
whichever is smaller 100
Line 17. Enter 10% of your adjusted gross income * * * 3,517
Line 18. * * * enter result on Schedule A * * * 7,283
On Schedule C, petitioner identified his business name as
V.G.’s Gallery, his principal business or profession as art and
flowers, and his business activity code as 453220, signifying a
gift, novelty, and souvenir store. Schedule C reflected in
relevant part as follows:
Gross receipts or sales $1,891
Returns or allowances 899
Cost of goods sold 903
Gross income 89
Total expenses 4,296
Net loss (4,207)
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Last modified: May 25, 2011