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1994 return), (2) increased petitioner’s profits from his
consulting business by $24,016 for 1994, $7,037 for 1995, and
$13,094 for 1996, consisting of omitted gross receipts and
disallowed claimed business expenses, (3) disallowed net losses
(for expenses attributable to the New Jersey house, the Florida
house, the undeveloped land in Florida, and the timeshares and a
loss on the sale of the Florida house) totaling $121,966 in 1994,
$72,546 in 1995, and $345,223 in 1996 claimed by petitioner and
Mrs. Wood on the property management Schedules C, (4) disallowed
losses of $3,431 for 1994, $809 for 1995, and $1,578 for 1995
claimed on the distributorship Schedules C, (5) allowed
petitioner deductions on Schedule E for expenses relating to the
rental of the New Jersey house before its sale that had been
claimed on the property management Schedules C, (6) made
adjustments to Schedule A itemized deductions, (7) disallowed
$19,032 of the $19,233 loss from the sale of a Buick LeSabre
petitioner claimed on Form 4797 of the 1996 return, (8)
determined that petitioner was liable for self-employment taxes
on the net profit from his consulting business and allowed
petitioner a deduction for half of those taxes, (9) allowed
petitioner a net operating loss carryover of $18,520 to 1994, and
(10) disallowed the net operating loss carryover of $36,389
petitioner claimed on the 1996 return.
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