- 2 - Respondent determined a deficiency in petitioner’s 2002 Federal income tax of $4,279. After concessions by the parties,2 the issues for decision are whether petitioner can deduct: (1) $6,500 on Schedule A, Itemized Deductions, for cash charitable contributions; (2) $1,800 on Schedule C, Profit or Loss From Business, for legal and professional expenses; (3) $2,400 on Schedule C for rental expenses; and (4) $2,155 on Schedule C for business use of the home. Some facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated by this reference. When the petition was filed, petitioner resided in West Chester, Pennsylvania. Petitioner earned a biomedical engineering degree from a community college in, or about, 1990 and also graduated from Lyons Tech in 1978. While he served in the Air Force, petitioner worked as an accountant. During the taxable year 2002, petitioner worked full time for SEPTA and also worked as a financial adviser for Waddell & Reed. Petitioner timely filed his 2002 Federal income tax return via electronic filing. Petitioner’s return for 2002 was prepared 2 The parties stipulated that the proper mortgage interest and real estate taxes on Schedule A, Itemized Deductions, are $5,143 and $1,178, respectively, and that the proper mortgage interest and real estate taxes on Schedule E, Supplemental Income and Loss, are $4,494 and $1,254, respectively. At trial, petitioner also conceded that he is not entitled to a deduction for a $500 noncash charitable contribution.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011