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listed as his principal business or profession: “Truck Lease”.
Petitioner reported $7,0504 of business income on his Schedule C
for taxable year 2001 and deducted $16,107 in business expenses.
This resulted in a reported business loss in the amount of
$9,057. Petitioner’s Schedule C business expenses were as
follows:
Line 10 Car and truck expenses $12,657
Line 16 Insurance (other than health) 867
Line 16b Interest: Other (Auto loan) 559
Line 21 Repairs and maintenance 904
Line 23 Taxes and licenses 985
Line 27 Other expenses 135
Line 28 Total expenses $16,107
On October 31, 2003, respondent issued a notice of
deficiency to petitioner for the 2000 and 2001 taxable years. In
the notice of deficiency, respondent denied petitioner the
reported business losses from his alleged trade or business for
both taxable years 2000 and 2001 and disallowed all Schedule C
claimed deductions.5
4As previously noted, this amount represents the payments
received by petitioner from Pacific for the use of his personal
vehicle in furtherance of Pacific’s business.
5As previously noted, the parties have agreed that
petitioner incurred truck expenses of $12,757 and $12,657 for the
taxable years 2000 and 2001, respectively.
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Last modified: May 25, 2011