- 3 -
return. Petitioner concedes that he may not deduct the remaining
$1,635.00 of claimed deductions.
4. Petitioner concedes that he may not deduct the remaining
$19,925.00 of Schedule C expenses that he claimed on his 2000 tax
return. Those disallowed deductions are as follows:
(a) $750.00 of advertising expenses;
(b) $4,000.00 of commissions and fees expenses;
(c) $1,250.00 of insurance expenses;
(d) $8,000.00 of legal expenses;
(e) $3,000.00 of office expenses;
(f) $600.00 of repair expenses;
(g) $525.00 of taxes and licenses expenses; and
(h) $1,800.00 of travel and entertainment expenses.
5. Respondent concedes that, as a result of
respondent’s concession in paragraph 2, petitioner is
not liable for an accuracy-related penalty under I.R.C.
� 6662(a) for the taxable year 2000.
The Court ordered the parties to submit a decision document by
January 18, 2005.
On January 6, 2005, respondent mailed to petitioner’s
counsel a proposed decision document. On January 10, 2005,
respondent received from petitioner’s counsel a letter dated
January 7, 2005, in which petitioner’s counsel stated that he
anticipated prompt approval by petitioner of the proposed
decision document.
On the next day, January 11, 2005, respondent received a
letter from petitioner’s counsel dated January 8, 2005, in which
petitioner’s counsel stated:
I also have completed my review of your
computation of the income tax liability that flows from
the settlement of this case. I do not entirely agree
with your computation.
Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011