- 12 - 1999 2000 Car and truck $ 5,650.00 $ 7,006.00 Supplies 1,242.23 1,267.07 Taxes/licenses -0- 360.00 Utilities -0- 300.00 Wages 113,825.00 9,415.00 Total concessions $20,717.23 $18,348.07 1In addition to the $13,300 claimed by petitioners as a wage expense on their 1999 income tax return, respondent also conceded an additional $525 claimed by petitioners at trial. See infra note 6. With respect to supplies, petitioners contended at trial that they were entitled to amounts in addition to those respondent conceded. Petitioners, however, presented no documenting information to support their arguments. Moreover, some of the purchases claimed, but not substantiated, included computers and a copier, which would be capital assets subject to depreciation. They also presented receipts and copies of checks purportedly for supplies; however, those records do not satisfy the Court that the amount claimed is in excess of what respondent has conceded. Additionally, some of the other documentation presented appeared to be for personal expenses, which are not deductible under section 262.5 Petitioners, therefore, have not established their entitlement to a deduction for supplies in excess of the amounts conceded by respondent. 5Petitioners offered into evidence two manila envelopes containing receipts purportedly for supplies. The envelopes included, however, receipts for beer, milk, underclothes, and nail polish remover, which, without explanation from petitioners, appear to be personal expenses.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011