- 5 - record that petitioners’ allowable medical expenses exceed those conceded by respondent. With respect to the charitable contributions, Ms. Jackson did not present any independent corroboration of her claims, notwithstanding prior advice by respondent’s counsel and by the Court that she do so at the time of trial. The documents presented at trial included alleged records of noncash contributions, but respondent had already conceded the amount claimed on the return for those contributions. Original records were not produced for any contributions, and it was unclear who had supplied information on certain of the alleged receipts, including Mr. Jackson’s name on some and the payee on others. Certain “receipts” had been altered to increase the dollar amounts shown. Even so, amounts shown on the documentation presented totaled far less than the $3,600 claimed by petitioners on their tax return. The evidence did not satisfy the substantiation requirements of section 1.170A-13(a)(1), Income Tax Regs., and does not give us a reliable basis for estimating petitioners’ deductible contributions. With respect to petitioners’ belated claim that a portion of the mortgage loan proceeds should be deductible as business expenses, petitioners have not shown that the amount that they now claim was not previously included and allowed on the Schedule C that they filed. Moreover, as respondent argues,Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011