- 4 - 1Consisted of: Communications $ 4,544 Dues & subscriptions 335 Colombia office 15,091 Contract labor 2,700 Education 308 Total $22,978 For the year 2001, petitioners reported the following income and expenses related to that activity on Schedule C of their income tax return: Income $ 3,000 Expenses: Advertising $ 3,223 Car & truck expenses 13,721 Depreciation 1,669 Legal & professional 649 Office expenses 1,098 Travel 1,336 Other expenses 125,529 Total expenses $47,225 Loss ($44,225) 1Consisted of: Communications $ 2,897 Bank charges 130 Dues & subscriptions 335 Colombia office 18,708 Tolls 386 Freight 73 Contract labor 3,000 Total $25,529 In the notice of deficiency, respondent disallowed the Schedule C deductions claimed for both years. At trial, petitioners conceded that the $3,000 reported gross income for 2001 was not related to the purported activity and was paid toPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011