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During 2000, petitioner “sponsored” approximately 29
individuals, predominantly friends and relatives, as TRS
participants. For his referrals, petitioner earned “bonuses”
from Renaissance which totaled $2,914 during 2000.
For the most part, petitioner conducted his TRS activities
in the dining room of petitioners’ residence. Petitioner did not
maintain any separate books or records with regard to the TRS
activity other than mileage logs and petitioners’ monthly bank
statements. Cecilia Abloso, who was employed as nurse during
2000, did not participate in the TRS program.
Petitioner terminated his involvement with the TRS program
at the end of 2000 when he discovered that Renaissance was
involved in a dispute with the Internal Revenue Service.
Petitioners filed a timely joint 2000 Federal income tax
return. An accountant at ANVICOM is listed as the paid preparer
of that return. Included with that return is a Schedule C
related to petitioner’s participation in TRS. The Schedule C
shows a net loss of $14,205. The loss takes into account the
following expense deductions:
Advertising $896
Car and truck expenses 3,189
Office expense 120
Rent or lease
Vehicles and equipment 6,480
Supplies 413
Meals and entertainment 114
Utilities 180
Other expense 5,727
Total 17,119
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Last modified: May 25, 2011